Policies & IssuesSep 18, 2023
Grib Diamonds Among Companies Named in Latest Round of SanctionsPolicies & IssuesDec 07, 2023
The G7’s Long-Awaited Statement on Russian Diamonds Is Here
It provides a timeline for the implementation of new restrictions, but no details.
Diamonds “mined, processed or produced” in Russia will be prohibited from entering G7 nations beginning Jan. 1, 2024. In March, tighter restrictions will go into effect.
Washington, D.C.—The Group of Seven nations announced its ban on Russian diamonds Wednesday, providing a timeline for restrictions that will gradually tighten over the course of 2024 but no details on how they will be implemented.
According to the statement, the G7 will ban the import of non-industrial diamonds “mined, processed, or produced” in Russia beginning on Jan. 1, 2024.
In the U.S., the import of non-industrial Russian diamonds has been prohibited since March 11, 2022 following an executive order from President Joe Biden.
Wednesday’s announcement by the G7 broadens the ban to Western nations that do not currently have a ban on imports of diamonds from Russia, including the European Union.
The EU has not included diamonds in previous rounds of sanctions on Russia due to objections from Belgium, which is home to a major diamond trading hub—Antwerp.
The G7 member nations are: the U.S., U.K., Japan, Italy, Germany, Canada, and France. The EU is a non-enumerated member.
On March 1, 2024, a ban on the import of Russian diamonds “processed” (cut and polished) in other countries, such as India, will go into effect, a measure meant to counteract the U.S. Customs and Border Protection’s “substantial transformation” rule.
Under the rule, goods that are “substantially transformed” from their original state in another country become a product of the country where the transformation took place, e.g., a rough diamond mined in Russia but crafted into a polished diamond in India is technically a product of India, not Russia.
Substantial transformation has allowed Russian diamonds to continue to enter the U.S., a pathway the G7 nations were intent on shutting down when they announced plans to tighten restrictions on Russian diamonds earlier this year.
Related stories will be right here …
According to the statement, the G7 will ban the import of non-industrial diamonds “mined, processed, or produced” in Russia beginning on Jan. 1, 2024.
In the U.S., the import of non-industrial Russian diamonds has been prohibited since March 11, 2022 following an executive order from President Joe Biden.
Wednesday’s announcement by the G7 broadens the ban to Western nations that do not currently have a ban on imports of diamonds from Russia, including the European Union.
The EU has not included diamonds in previous rounds of sanctions on Russia due to objections from Belgium, which is home to a major diamond trading hub—Antwerp.
The G7 member nations are: the U.S., U.K., Japan, Italy, Germany, Canada, and France. The EU is a non-enumerated member.
On March 1, 2024, a ban on the import of Russian diamonds “processed” (cut and polished) in other countries, such as India, will go into effect, a measure meant to counteract the U.S. Customs and Border Protection’s “substantial transformation” rule.
Under the rule, goods that are “substantially transformed” from their original state in another country become a product of the country where the transformation took place, e.g., a rough diamond mined in Russia but crafted into a polished diamond in India is technically a product of India, not Russia.
Substantial transformation has allowed Russian diamonds to continue to enter the U.S., a pathway the G7 nations were intent on shutting down when they announced plans to tighten restrictions on Russian diamonds earlier this year.
The G7’s statement also noted that G7 member countries that are “major” importers of rough diamonds will have to establish a “robust traceability-based verification and certification mechanism” for rough diamonds by Sept. 1, 2024.
While there were multiple plans circulated by industry groups, including the “G7 Diamond Protocol” the World Diamond Council developed with industry input and the “EU Proposal,” which calls for all finished diamonds to pass through a “polished node” to certify them as non-Russian, the G7’s statement did not provide any specifics on what this mechanism will or should be.
It stated only, “We will continue to consult with partners, including producing and manufacturing countries on its design and implementation.”
Leaders of the G7 announced the restrictions on Russian diamonds following an online meeting held Wednesday.
Diamonds were part of a lengthy statement released by the group in which it reiterated its support for Ukraine and outlined other measures intended to cut off Russia’s sources of revenue, including the enforcement of a price cap policy on Russian oil and continuing its efforts to reduce the amount of money the country makes from metals.
Japan served as president of the G7 in 2023. Italy will be taking over in 2024.
More on Policies & Issues
The Latest
TrendsMar 09, 2026
Jake Gyllenhaal Is Bulgari’s Latest AmbassadorBulgari named Gyllenhaal as its brand ambassador for his embodiment of artistic depth, intellectual curiosity, and warmth.
Events & AwardsMar 09, 2026
TJS Announces 2026 Scholarship WinnersAwards were given to four students, one apprentice, and an emerging jeweler.
AuctionsMar 09, 2026
Joanna Carson’s Jewels Lead White-Glove SaleThe top jewelry lot of the late model’s estate sale, hosted by John Moran Auctioneers, was an Oscar Heyman & Brothers for Cartier necklace.
Brought to you by
Is This You? Every Jeweler Has This Problem; We Have the Solution.Every jeweler faces the same challenge: helping customers protect what they love. Here’s the solution designed for today’s jewelry business.
GradingMar 06, 2026
Tom Moses Leaving GIA After Nearly 50 YearsMoses, who started at GIA’s Santa Monica lab in 1976, will leave the Gemological Institute of America in May.
Weekly QuizMar 05, 2026
This Week’s QuizTest your jewelry news knowledge by answering these questions.
Lab-GrownMar 06, 2026
Charles & Colvard Files for Bankruptcy, Citing Price PressuresIncreased competition, falling lab-grown diamond and moissanite prices, and the rising cost of gold took a toll on the moissanite maker.
CollectionsMar 06, 2026
Zome’s ‘Solara’ Earrings Embody Celestial BeautyThe earrings, our Piece of the Week, feature pink tourmalines as planets orbiting around an aquamarine center set in 18-karat rose gold.
Brought to you by
DCA Enters a New Chapter in Jewelry EducationWith refreshed branding, a new website, updated courses, and a pathway for growth, DCA is dedicated to supporting retail staff development.
MajorsMar 06, 2026
Pomellato’s 2026 IWD Campaign Spotlights Economic Abuse“The Price of Freedom” campaign video for International Women’s Day confronts the quiet violence of financial control.
CollectionsMar 05, 2026
Common Era Honors ‘Difficult Women’ in CollectionThe ever-growing collection, which just expanded with the addition of Olga of Kyiv, features cameos of 12 women from history.
TrendsMar 05, 2026
Engagement Ring Trends 2026: What’s In, and WhyWe asked a jewelry historian, designer, bridal director, and wedding expert what’s trending in engagement rings. Here’s what they said.
Events & AwardsMar 05, 2026
AGS Announces Conclave 2026 Speaker LineupThe annual event will be held in Orlando, Florida, from Sept. 14-17.
TrendsMar 05, 2026
Caitríona Balfe Fronts Only Natural Diamonds CoverThe “Outlander” star modeled for the digital cover of the magazine’s spring issue, which features a story on her relationship with jewelry.
MajorsMar 05, 2026
Registration Opens for CIBJO Centenary CongressThis year’s annual congress, which will mark the confederation’s 100th anniversary, will take place this fall in Italy.
MajorsMar 04, 2026
Michael M Opens First StoreBeverly Hills was chosen as the location for the brand’s first store, designed as a “private residence for modern monarchs.”
EditorsMar 04, 2026
Q&A: Brilliant Earth’s CEO on the New Beverly Hills StoreBeth Gerstein discusses the vibe of the new store, what customers want when fine jewelry shopping today, and the details of “Date Night.”
Events & AwardsMar 04, 2026
JIS Miami Spring Show to Feature New Gifts Pavilion, Pop-Up Trends TalksNearly half of buyers are prioritizing silver and fashion collections this season, organizers said.
TrendsMar 04, 2026
Spinelli Kilcollin Rides Free In Year of the Horse CampaignThe “Live Now. Polish Later.” campaign features equestrians wearing the brand’s jewels while galloping across the icy plains of Kazakhstan.
MajorsMar 04, 2026
LeachGarner Names New Brand DirectorThe precious metals provider has promoted Jennifer Ashworth to the role.
Events & AwardsMar 03, 2026
Johnny Nelson Wins David Yurman Gem Awards GrantNelson will be honored as the inaugural grant winner at the Gem Awards gala on March 13.
SourcingMar 03, 2026
7 Trends That Could Define the Diamond Industry’s FutureExperts from India weigh in the politics, policies, and market dynamics for diamantaires to monitor in 2026 and beyond.
MajorsMar 03, 2026
Swiss Refiner Completes Acquisition of Gannon & ScottThe American precious metals refiner’s day-to-day operations remain the same post-acquisition.
TrendsMar 03, 2026
Amanda’s Style File: AquatopiaThese aquamarine jewels channel the calming energy of the March birthstone.
Events & AwardsMar 03, 2026
AGTA Adds Another New Category for SpectrumThe “Innovative Design” category and award will debut in the Spectrum division of this year’s AGTA Spectrum & Cutting Edge Awards.
EditorsMar 02, 2026
Jewelry at the Actor Awards: Reimagining Hollywood GlamourDiamond jewelry was the star of the event formerly known as the SAG Awards.
SurveysMar 02, 2026
Consumer Confidence Edges Up in FebruaryConsumers were somewhat less worried about the future, though concerns about rising prices and politics remained.
Events & AwardsMar 02, 2026
JVC to Honor Rebecca Foerster at Annual LuncheonFoerster is this year’s Stanley Schechter Award recipient.
