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The World Federation of Diamond Bourses (WFDB) issued an open letter on Wednesday calling on the G7 nations and the European Union to rethink the potentially “irreparable” market outcomes of its ban on Russia-produced diamonds.
Russia is the biggest global supplier of uncut diamonds by volume. The international community has imposed new sanctions targeting Russian diamond transactions as part of a wider strategy aimed at reducing Moscow’s income streams, which support its military actions in Ukraine.
In December, the G7 nations of Canada, France, Germany, Italy, Japan, the U.K. and the U.S. declared an outright ban on Russian diamonds, effective from Jan. 1. That is to be followed by gradual implementation of restrictions on indirectly imported Russian diamonds starting from March 1. By September, a new system for verifying the origins of these gems is expected to be in place, although details regarding the verification process and its location remain uncertain.
“The G7 must understand that the direction they have chosen will cause great damage to the world diamond industry. We hope that the concerns we are voicing will convince the G7 governments that an alternative solution must be found,” WFDB president Yoram Dvash said in a Feb. 28 statement to The Northern Miner.
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