G-7 to Chase Russia’s Diamonds While Stopping Short of Total Ban – by Alex Wickham and Alberto Nardelli (Bloomberg News – May 18, 2023)


(Bloomberg) — Group of Seven countries agreed to work together to track Russian diamonds, but stopped short of slapping Moscow with an outright ban on the lucrative gem trade.

Leaders in a statement released Friday at their summit in Hiroshima, Japan, pledged to work together to “restrict trade in and use of diamonds mined, processed or produced in Russia” and coordinate future “restrictive measures, including through tracing technologies.”

The move to track and trace Russian diamonds across borders could pave the way for an import ban in the future, according to people familiar with the discussions at the summit. Bloomberg News reported earlier Friday on the plan to set up a tracking mechanism for the precious stones.

Earlier attempts to sanction Russian gems in Europe have met resistance from importer nations like Belgium, who argue doing so would just shift the diamond trade elsewhere.

For the rest of this article: https://www.bnnbloomberg.ca/g-7-to-chase-russia-s-diamonds-while-stopping-short-of-total-ban-1.1922181#:~:text=(Bloomberg)%20%2D%2D%20Group%20of%20Seven,on%20the%20lucrative%20gem%20trade.