India Russia Diamond Ban: India has requested G7 countries to postpone the ban on Russian diamonds, citing unclear rules on tracing gem origins. As home to 90% of the world s diamond cutting and polishing industry, India s cooperation is crucial. G7 announced a ban on Russian diamonds starting January 1, with phased-in restrictions on indirect imports from around March 1
The Kremlin promises to bypass the sanctions imposed by the European Union on Russian diamonds. Source: Dmitry Peskov, the press secretary of the president of the Russian Federation, as reported by Russian media Peskov said that Moscow already knows how to circumvent the restrictions, as it prepared for this in advance.
The newly adopted measures include a ban on Russian diamonds, a crackdown on Russia's means to acquire military-use goods, tighter controls over the $60-per-barrel oil price cap, and further steps targeting Moscow's revenue amid the all-out war.
The G7 leaders have decided to introduce import restrictions on non-industrial diamonds, mined, processed, or produced in Russia, from January 1, 2024, followed by further phased restrictions on the import of Russian diamonds processed in third countries from March 1, 2024.
Jewellery: The G7 leaders have decided to introduce import restrictions on non-industrial diamonds, mined, processed, or produced in Russia, from January 1, 2024, followed by further phased restrictions on the import of Russian diamonds processed in third countries from March 1, 2024.