According to a Belgian official, the Group of Seven (G7) is set to agree on a ban on Russian diamond imports within the next two to three weeks. A report on Mining Weekly states that the ban will involve both a direct and an indirect approach, with the direct ban taking effect on January 1, while the indirect ban will be implemented gradually.
Previous efforts to impose sanctions on Russian gemstones in Europe faced opposition from major importing countries like Belgium. They argued that a simple ban would only divert the profitable gem trade elsewhere. The indirect aspect of the ban is designed to address this concern by monitoring the movement of Russian gems across borders. Although Belgium is not a G7 member, it had expressed willingness to support a ban if an effective mechanism was found.
According to the official, the G7 still needs to work out the technical details of the diamond ban, after which the European Union will develop its sanctions regulations in the autumn. The plan is to prohibit the purchase of rough or polished diamonds, whether acquired directly from the Russian giant Alrosa or from resellers in India or the United Arab Emirates.