Al Mayadeen English

  • Ar
  • Es
  • x
Al Mayadeen English

Slogan

  • News
    • Politics
    • Economy
    • Sports
    • Arts&Culture
    • Health
    • Miscellaneous
    • Technology
    • Environment
  • Articles
    • Opinion
    • Analysis
    • Blog
    • Features
  • Videos
    • NewsFeed
    • Video Features
    • Explainers
    • TV
    • Digital Series
  • Infographs
  • In Pictures
  • • LIVE
News
  • Politics
  • Economy
  • Sports
  • Arts&Culture
  • Health
  • Miscellaneous
  • Technology
  • Environment
Articles
  • Opinion
  • Analysis
  • Blog
  • Features
Videos
  • NewsFeed
  • Video Features
  • Explainers
  • TV
  • Digital Series
Infographs
In Pictures
  • Africa
  • Asia
  • Asia-Pacific
  • Europe
  • Latin America
  • MENA
  • Palestine
  • US & Canada
BREAKING
Al Mayadeen's correspondent: Two were martyred in an initial toll of the Israeli drone strike that targeted the al-Asira neighborhood in the city of Baalbek, eastern Lebanon
Al Mayadeen's correspondent: An Israeli drone strike targeted the al-Asira neighborhood east of Baalbek, eastern Lebanon
Sheikh Naim Qassem to the pager attack survivors: You are the greatest resistance. Know that 'Israel' will fall because it embodies aggression, crime, and occupation; victory is truly yours
Sheikh Qassem to the pager attack survivors: The value of what you are doing despite your wounds is immense, and here you are, treading the path of the Master of Nation's Martyrs and the leaders
Sheikh Qassem to the pager attack survivors: You are moving forward with insight deeper than sight itself. The enemy sought to eliminate your role in the battle, yet you remain steadfast and continue the fight
Hezbollah Secretary-General Sheikh Naim Qassem to the pager attack survivors one year later: You are healing from your wounds and rising above them. You have successfully passed the test
Palestinian media: Reports of stabbing operation in occupied al-Quds.
Israeli media: Sirens blare in Arava in South, near Ramon Airport.
Egyptian PM Mostafa Madbouli: Egypt is targeted in plans to redraw regional map
AEOI Chief Mohammad Eslami: Our presence in IAEA General Council and fact-checking helped in preventing unilateral rhetoric that aims to portray Iran as an unregulated country

G7 to ban all Russian diamonds, develop SWIFT-like system for industry

  • By Al Mayadeen English
  • Source: Bloomberg + News websites
  • 15 Sep 2023 17:08
  • 1 Shares
4 Min Read

A Belgium official says the ban will go into effect on January 1 next year.

  • x
  • G7 to ban Russian diamonds, introduce SWIFT-like system to trace sourc
    An employee inspects rough diamonds at an Alrosa sorting centre, in Mirny, Russia, on July 1, 2019 (AFP)

Group of Seven (G7) nations are poised to reach a consensus on implementing a ban on the import of Russian diamonds within the next two to three weeks, Bloomberg quoted a Belgian official as saying on Friday.

This proposed measure is set to include both a direct ban on diamond purchases, set to come into effect on January 1, 2024 and an indirect ban, designed to be phased in more gradually, the official added.

The objective of the indirect aspect of the ban is to mitigate concerns that a straightforward ban would merely relocate the lucrative diamond trade without effectively curbing it. Belgium, though not a G7 member, has indicated its support for the ban, provided that an effective mechanism is established.

Read more: Four G7 powers ban gold export from Russia

Technical challenges

In collaboration with European allies, the bloc is exploring additional avenues to exert economic pressure on Russia, aimed at limiting its capacity to finance the ongoing conflict in Ukraine.

At the outset of the supply chain, diamonds are issued certificates under the Kimberley Process, originally conceived to eliminate the sale of "blood diamonds" that funded conflicts. However, tracking their origin becomes increasingly challenging as they move through the market.

The technical specifics of the diamond ban remain to be resolved by the group, after which the EU will draft its sanctions regulations in autumn. The ban's scope is expected to encompass the purchase of both rough and polished diamonds, whether sourced directly from the Russian giant Alrosa PJSC or via intermediaries in India or the United Arab Emirates.

Read more: Russians banned from bringing cars, goods into EU

Related News

Chinese scientists create diamonds 40% harder than real ones

Brazil's Bolsonaro indicted for money laundering, Saudi diamonds

Direct and indirect sales

Russia ranks among the world's foremost diamond producers, rivaling Botswana. Many Western jewelry retailers have refrained from using Russian diamonds since the start of the war in Ukraine, especially after Washington imposed sanctions on Alrosa. 

Nonetheless, the flow of Russian diamonds into the market has continued, albeit at a significantly reduced volume, with the Belgian official noting a 95% decline in imported Russian diamonds to the EU compared to pre-war levels.

Some Indian and Belgian buyers have persisted in acquiring substantial quantities of these diamonds under favorable terms, while others have abstained. Additionally, diamond trading hubs have emerged in the UAE, Belarus, and Armenia.

Up until now, diamonds from Russia have remained legal when sourced from India or Belgium, despite the US sanctions on direct Russian imports. The intricate nature of the diamond industry has also posed challenges to tracking the diamond's origins. 

Read more: Germany buys Russian oil from India: Reports

Traceability and SWIFT-like system

Diamond packages often get mixed up at trading places, and the original certificates are swapped for documents that say the diamonds come from different sources or “mixed-origin” documentation. This makes it nearly impossible to trace the final destinations of Russian diamonds.

The proposed new system intends to combine physical inspections, package examination, and weight and value verification with mandatory traceability data for those involved in the production and trade of diamonds, the official continued.

For instance, Indian diamond polishers would be required to separate Russian and non-Russian diamonds during the polishing process. Diamonds of mixed origin would not be permitted in the G7 market under this scheme.

Governments will have access to traceability data through a public ledger system under development, similar in concept to the SWIFT international payments system used by banks.

Authorities will be able to use a public ledger system that is currently in the works to access traceability information, akin to the concept of the SWIFT international payment system employed by banks.

Read more: EU nearly out of means to sanction Russia: Borrell

  • diamonds
  • Beligum
  • G7
  • Russia
  • India
  • Armenia
  • Alrosa
  • war in Ukraine
  • Ukraine

Most Read

Uprising against Volker Turk at the Human Rights Council over Gaza.

Uprising against Volker Turk at the Human Rights Council over Gaza

  • Politics
  • 12 Sep 2025
A screengrab from the ad played on Fox News. (X Screengrab)

Fox airs ad warning Trump not to let Netanyahu 'play' him on Gaza

  • US & Canada
  • 11 Sep 2025
Lapid: Egypt’s Arab Force plan a 'severe blow' to normalization

Lapid: Egypt’s Arab Force plan a 'severe blow' to normalization

  • Palestine
  • 14 Sep 2025
Why is Choose Love using a firm with British and US intelligence connections to run a pro-Palestine musical event? (Al Mayadeen English; Illustrated by Batoul Chamas)

Together for Palestine: Troubling questions about the organisers of this huge event

  • Opinion
  • 17 Sep 2025

Coverage

All
The Ummah's Martyrs

Read Next

All
A Hezbollah supporter who lost his sight in a pager attack carried out by "Israel" on Sept. 17, 2024, covers his eyes with a red headband inscribed with the name "Hussein" during Ashoura, July 6, 2025 (AP)
Politics

'We Have Recovered': Lebanon marks 1st anniversary of Pager Attack

The Arab neighborhood of El Za'im, on the outskirts of east Occupied Al-Quds in the West Bank, near where Israeli government says housing units will be built as part of the E1 settlement project, Thursday, August 21, 2025. (AP Photo/Ohad Zwigenberg)
Palestine

'Israel’s' deliberate policies drive West Bank economy toward collapse

Ben & Jerry's ice cream shop, Wednesday, Feb. 26, 2025, in Cambridge, Mass. (AP Photo/Charles Krupa)
Politics

Ben & Jerry’s co-founder resigns over parent company curbing activism

Trump’s approval rating falls to new low in second term: Poll
US & Canada

Trump’s approval rating falls to new low in second term: Poll

Al Mayadeen English

Al Mayadeen is an Arab Independent Media Satellite Channel.

All Rights Reserved

  • x
  • Privacy Policy
  • About Us
  • Contact Us
  • Authors
Android
iOS