Earlier this month, Rob Bates of JCK Online reported that the G7 countries – Canada, France, Germany, Italy, Japan, the UK, the US, and EU – will soon prohibit the import of gemstones mined in Russia. | Source: Shutterstock
Speculation about the future of Russia’s diamond industry has continued after recent reporting suggested that further prohibitions will be installed early next year.
Earlier this month, Rob Bates of JCK Online reported that the G7 countries – Canada, France, Germany, Italy, Japan, the UK, the US, and EU – will soon prohibit the import of gemstones mined in Russia.
The report suggests that the restrictions will come into effect in January, with regulations possibly limited to diamonds one-carat or larger. The restrictions will include diamonds that are cut and polished overseas.
In an interview with CNBC, Tenoris founder Edahn Golan said that regardless of the G7’s actions, Russian diamonds will still have buyers.
“Countries like India, the UAE, and even the EU, didn’t place sanctions on rough diamond imports. So again, no real shortages,” he said.
Paul Zimnisky of PZ Diamond Analytics said that so far this year, Russia’s leading diamond mining company Alrosa has focused on regaining its lost market share.
“The Russians have ramped up diamond sales in recent months in an attempt to claw back market share lost last year following the disruption in trading,” he said.
India remains the world’s leading diamond importer, ahead of the US in second. Hong Kong, Belgium, and the UAE are also major importers.
According to the BBC, Russia’s diamond trade is worth approximately $US4 billion ($AU5.98 billion) per year.
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