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G7 Russian diamond sanctions : lack of clarity, many open-ended issues

The series of announcements in mid-December on the G7 Russian diamond sanctions caught the diamond industry by surprise. The anticipated and somewhat contradictory statements by G7 members went much further than anyone expected, laying down a collection of fast and extreme measures that touch on the very fabric of how the diamond industry operates.

The economic powers have a goal to suffocate Russia, and the diamond industry, with all its fine nuances, appears to be just a means to an end.While the G7 Russian diamond sanctions are important, the proposed framework unfortunately suffers from a lack of clarity, too many open-ended issues, and concerns over the viability of the implementations.

The series of announcements have left the diamond industry confused. After long months of diamond industry bodies lobbying, it seems that the G7 has decided on picking the strictest options, going far beyond the industry’s expectations.

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