G7 and EU will try to identify diamonds of Russian origin

In response to growing concerns over the trade of conflict diamonds, the G7 and the European Union have announced plans to track and trace Russian diamonds as they cross international borders, according to Bloomberg citing people familiar with the matter. 
Bloomberg said that previous EU attempts to sanction Russian gems have run into resistance from importer nations such as Belgium who argued that the effort would be futile because transactions will simply shift elsewhere without a mechanism to trace precious stones. 
The plan, which is still in the early stages of development, would involve the creation of a centralized database that would allow authorities to track the movement of diamonds from their point of origin to their final destination. This would make it easier to identify any diamonds that may have been obtained through illegal means and could be used to finance conflicts or other illicit activities.
“The US has sanctioned the Russian mining giant Alrosa, which accounts for about a third of the US$80 billion global trade in rough diamonds. But the measures have had limited impact as much of the trade flows through other markets such as India,” Bloomberg said.
The initiative has been praised by advocacy groups, who have long called for greater transparency in the diamond trade. The move is also expected to put pressure on the diamond industry to improve its standards and practices. 
The sources with knowledge of the G7 and EU discussions said a solution is not imminent, because tracing polished diamonds in a global market is extremely complicated. While the plan is still in the early stages, officials from the G7 and the EU have expressed optimism that it will be successful in improving the transparency and accountability of the diamond trade. 

Vladimir Malakhov, Rough&Polished