De Beers says it is fully prepared for the expansion of G7 import restrictions on Russian diamonds, which extended to diamonds of 0.5 carats and above from September 1.
The diamond miner said its rough diamond customers would continue to provide evidence of diamond provenance as the size threshold included in the G7 import restrictions reduces from 1 carat to 0.5 carat.
De Beers said it welcomes the moves that the G7 has made to work with industry and diamond-producing countries, with an extension of the sunrise period, a focus on the end goal of traceability and the implementation of a practical approach for ‘grandfathered’ diamonds purchased before the introduction of restrictions on Russian supply.
“De Beers fully supports the work being carried out by the G7 to prohibit the trade in Russian diamonds and we are committed to working with the G7, the diamond industry and our partner governments to ensure there is an effective system put in place,” said group chief executive Al Cook.
De Beers also said that it is committed to diamond traceability, and its Tracr blockchain platform is expanding at pace, with 2.6 million rough diamonds and 370,000 polished diamonds now registered.
Mathew Nyaungwa, Editor in Chief, Rough&Polished
