At the end of this month, a proposal for the European Union’s twelfth set of sanctions against Russia is anticipated, according to diplomatic sources, which will coincide with a G7 declaration declaring a ban on the importation of Russian diamonds.
“We now need the final blessing of the G7 before then translating these elements in legal texts at the European level,” an official from the EU stated.
The announcement was anticipated to appear within a week, according to a second source. The 12th round of sanctions from the EU is anticipated to center on Russian diamonds. Last week, the G7 convened a technical conference to deliberate on many suggestions submitted by Belgium, industry associations, and India.
A Canadian global affairs official stated this week that “Canada and G7 members are engaged with industry and government representatives on proposals aimed at addressing traceability and enforcement-related issues.”
The foreign ministry of France stated that “discussions are being held at the technical level between the members of the G7 with Belgium, in conjunction with economic players in the diamond sectors.”
Although there are rumors that the Russian diamond ban will soon be announced, as of this writing, the formal decision has not been made public. The world community and parties involved in the diamond business are anxious to learn additional specifics regarding the extent and implementation of the prohibition.
The fact that the G7 is expected to announce by the end of October that Russian diamonds will no longer be allowed highlights the many problems that the diamond trade is now experiencing. Along with causing disruption to the supply chain and perhaps altering industry norms, it also reflects rising ethical and geopolitical concerns. There is uncertainty and change in the diamond sector as the world waits for more advances.
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