The European Commission has adopted a proposal to be approved by member states that would ban both natural and synthetic diamonds originating from Russia, although the sanctions are to be phased in gradually.
The AFP news agency cited a copy of the proposal that will ban trade in diamonds originating in, transiting, or exported from Russia, as well as Russian diamonds cut and polished in third countries.
Starting January 1 2024, the ban would apply to "non-industrial natural and synthetic diamonds as well as diamond jewellery." Meanwhile, the import ban on Russian diamonds cut or polished in third countries would be phased in between March and September next year.
According to the agency, industry insiders in Belgium expect the sanctions to be phased in gradually to limit market disruption.
"This phasing-in... takes into consideration the need to deploy an appropriate traceability mechanism that enables effective enforcement measures and minimizes disruptions for market players," the draft says.
Theodor Lisovoy, Editor in Chief of the European bureau, Rough&Polished
