G7 leaders and the EU committed in February, May and December 2023 to work collectively to reduce the revenue Russia uses to finance its war against Ukraine derived from its diamond trade.
The G7/EU declaration and consequent legislation to be implemented at EU/country levels concerns a direct and indirect ban of diamonds of Russian origin, rough and polished regardless of where these diamonds are polished/traded.
G7 Declaration: (Download full declaration with highlighted section at the bottom of this page)
« We will introduce import restrictions on non-industrial diamonds, mined, processed, or produced in Russia, by January 1, 2024, followed by further phased restrictions on the import of Russian diamonds processed in third countries targeting March 1, 2024. To further the effectiveness of these measures, those G7 members who are major importers of rough diamonds will establish a robust traceability-based verification and certification mechanism for rough diamonds within the G7 by September 1, 2024, and we will continue to consult with partners, including producing and manufacturing countries on its design and implementation. We will continue consultations among G7 members and with other partners including producing countries as well as manufacturing countries for comprehensive controls for diamonds produced and processed in third countries on measures for traceability. »