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EU to ban nonindustrial Russian diamonds wef 1 Jan 2024; sanctions extended to LGD, jewellery

The EU will ban “nonindustrial diamonds mined, processed, or produced in Russia” in phases, with a direct ban going into force by January 1, the European Commission, its executive body, said Monday.

The ban applies to the “import, purchase or transfer of diamonds from Russia,” the Council of the European Union, the EU’s legislative body, clarified in a separate statement the same day. The direct prohibition from January 1 will include lab-grown diamonds and diamond jewelry, it noted.

The commission’s declaration is consistent with the G7’s December 6 statement calling for a ban on Russian diamonds polished in a third country from March 1.

By September 1, the indirect sanctions will also extend to lab-grown diamonds, jewellery, and watches containing diamonds, the commission said — a detail that was not in the G7 statement.

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