It is reported that EU countries are planning impose sanctions on Russian diamonds this fall, with October or November mentioned as likely dates, according to a Belgian government source. It is expected that sanctions will become part of a new package of measures directed against Russia.
The rules being developed will limit purchase, sale and processing of diamonds with Russian markings in the EU. Instead, the focus will be on non-Russian grade diamonds. The ban on rough diamonds is expected to come into force on January 1, with restrictions on processed diamonds to be introduced later in a phased manner.
In addition, G7 countries are considering introducing mandatory marking of stones and tracking their origin as part of measures to ensure they no longer deal with Russian diamonds after sanctions are imposed.