Diamond-rich African nations are ramping up production to fill the gap left by the G7 sanctions on Russian diamonds. But not all countries are happy about the ban.
Earlier this year, the G7 , a group of wealthy nations comprising the US, Canada, the UK, Germany, France, Italy and Japan, and the European Union banned rough diamonds mined in Russia.The ban was part of many sanctions on Russia imposed by Western nations and their allies for President Vladimir Putin’s 2022 invasion of Ukraine.
But the sanctions against Russian diamonds, intended to weaken Russia’s economy in light of its aggression, could pose a potential risk to the global diamond market’s stability.
“When you look at the G7 suggestion that affects the global diamond industry, you have to take into consideration that Africa is the dominant producer collectively,” according to M’Zee Fula Ngenge, head of the African Diamond Council (ADC), told DW.
Botswana takes over from Russia
Before the ban, Russia was the world’s leading diamond producer.
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