US "closes the book", G7 officially launches "attack" on Russian diamonds

G7 and EU are pushing for a ban on Russian diamond imports. (Source: Bloomberg)

The restrictions, which will come into effect from March 1, 2024, will apply to “non-industrial diamonds weighing 1 carat or more” and “from September 1, 2024 to non-industrial diamonds weighing 0.5 carats or more,” The Kyiv Independent reported.

The restrictions previously imposed by the US “will apply to diamonds mined, extracted, or manufactured in whole or in part in the Russian Federation, regardless of whether the diamonds have undergone significant processing.”

The ministry noted that the bans were “aimed at implementing the commitments agreed by the Group of Seven (G7) leading industrialized nations in December 2023 to gradually limit imports of diamonds mined or extracted in Russia.”

The United States is the last G7 country to announce this commitment. The G7 countries, which include Canada, France, Germany, Italy, Japan, the United States and the United Kingdom, account for 70% of the world diamond market.

Meanwhile, Russia is the world's largest diamond producer and earned about $4 billion from diamond trade last year .

Along with the G7, the European Union (EU) countries also agreed to ban the import of Russian diamonds under the 12th package of sanctions that the bloc launched in December 2023 and took effect from January 1, 2024.