Policies & Issues

EU Pushes Back Sept. 1 Diamond Traceability Deadline, US Yet to Act

Policies & IssuesJun 26, 2024

EU Pushes Back Sept. 1 Diamond Traceability Deadline, US Yet to Act

The European Union has delayed its deadline for implementing a “robust” traceability mechanism for rough diamonds by six months.

Stock image of diamonds
The European Union announced Monday that it has adopted its 14th package of sanctions on Russia. It included updates to the EU’s ban on Russian diamonds that took effect Jan. 1.
New York—The European Union has announced what it describes as a “fine-tuning” to the import ban on Russian diamonds, delaying a major deadline while also issuing a decision about goods that were in the EU prior to the ban.

The announcement came Monday as part of a fresh round of sanctions on Russia intended to punish the country for its full-scale invasion of Ukraine in February 2022. 

In it, the EU clarified that the ban on Russian diamonds does not apply to goods that were already in the EU or in a third country (other than Russia) before the ban went into effect, a measure referred to as “grandfathering.”

The EU’s Russian diamond ban took effect Jan. 1 for goods imported directly from Russia and extended to diamonds mined in Russia but cut and polished elsewhere on March 1. 

In addition, the EU extended the “sunrise period” on full traceability on imports of rough and polished diamonds from Sept. 1 to March 1, 2025.

When leaders from the Group of Seven nations (G-7) issued their statement on Russian diamonds in December, they said that G-7 countries that are “major” importers of rough diamonds should establish a “robust traceability-based verification and certification mechanism” for rough diamonds by Sept. 1, 2024.

The six-month delay was expected, as the industry does not yet have a full traceability scheme in place. 

The EU also said Monday it is postponing the ban on jewelry set with diamonds mined in Russia but cut and polished elsewhere and will allow “temporary” imports or exports of jewelry for trade shows or repairs. 

 Related stories will be right here … 

Sara Yood, who just took over as president and CEO of the Jewelers Vigilance Committee, pointed out that while the EU’s decision addressed the issue of “grandfathering” and extended the sunrise period, it did not mention the pending drop in the 1-carat threshold for polished goods.

The G-7’s agreement to ban diamonds mined in Russia but cut and polished elsewhere currently applies only to diamonds weighing 1 carat or more. The carat threshold is set to drop to 0.5 carats beginning Sept. 1. 

Yood said she expects that deadline to stand.

“JVC has been encouraging its members to prepare for these changes well in advance of their implementation dates,” she said.

“Although it is incredibly helpful to have this communication from the EU, we are still waiting to hear from the U.S. government if they will implement the same kinds of clarifications to their import ban on Russian diamonds cut and polished in a third country.”

She added that understanding the nuances for diamonds that were imported prior to the bans is “incredibly important” for the U.S. industry, as it addresses complicated areas like heritage pieces and repairs.

On Tuesday, leaders from the U.S. jewelry industry met virtually with State Department officials to discuss diamonds that were in G7 countries prior to the March 1 ban, one of the key issues an industry delegation, led by Jewelers of America, was lobbying lawmakers on during a visit to Washington, D.C. earlier this month.  

Nothing was officially decided at the meeting. 

The Latest

Myne London
CollectionsJul 12, 2024
Myne London to Support Malala Fund

The emerald supplier will donate a percentage of sales from its “Star Power” earrings to the nonprofit in support of girls’ education.

The Jewelry Symposium logo
Events & AwardsJul 12, 2024
The Jewelry Symposium Is Looking for Speakers

TJS is seeking jewelry manufacturing and technology experts to speak at its 2025 event.

Sculptural Freeform Earrings
CollectionsJul 12, 2024
Piece of the Week: Marrow Fine’s ‘Sculptural Freeform’ Earrings

The earrings were inspired by the landscape at Joshua Tree and Jean Arp’s abstract sculptures.

Untitled design.jpg
Brought to you by
The End of an Era? Lab-Grown Diamonds' Journey Towards Price Stability

As the demand for lab-grown diamond jewelry may still be increasing, the most notable change we are likely to see is price stabilization.

Madeline Fraser Gemist
EditorsJul 11, 2024
Q&A: Gemist CEO Madeline Fraser on Jewelry Visualization Technology

Fraser shares why she decided to shift from a direct-to-consumer retailer to a B2B technology company.

Weekly QuizJul 11, 2024
This Week’s Quiz
Test your jewelry news knowledge by answering these questions.
Take the Quiz
Jewelers of America learning workshop Providence logo
Events & AwardsJul 11, 2024
JA to Host Next Learning Workshop in Providence

The one-day workshop will be held July 17 at the Rhode Island School of Design.

Jewelers International Showcase Logo Statue
Events & AwardsJul 11, 2024
Registration Now Open for JIS Fall 2024

The jewelry trade show will take place in Miami Oct. 6-9.

1872 x 1052 Gemolite.jpg
Brought to you by
Meet Gemology’s Next Generation Microscope: GIA® Gemolite® NXT Professional Edition

GIA®’s most advanced microscope has new features to optimize greater precision and comfort.

Kyle Kuzma, D’Angelo Russell, Jalen Green, Jaime Jacquez Jr., Kevin Love, Josh Hart, and Seth Curry
MajorsJul 11, 2024
David Yurman Names 7 NBA Players as Brand Ambassadors

The partnership reinforces David Yurman’s position as a leader in men’s jewelry, said the company.

U.S. Customs and Boarder Protection Paperwork
CrimeJul 10, 2024
US Customs Seizes $10M in Counterfeit Jewelry

Officers intercepted three packages within 24 hours containing fake goods claiming to be from various luxury brands.

Matturi Fine Jewelry totem jewel
Events & AwardsJul 10, 2024
IAC’s Gold and Diamond Conference to Focus on ‘Expanding Horizons’

The 14th annual conference will host panels on cross-sector collaboration, industry sanctions, and more.

Immediate Connections
Events & AwardsJul 10, 2024
Women’s Art Center of the Hamptons to Host Jewelry Exhibition

“Immediate Connections” will be on view from July 18-21.

Navneet Gems salt & pepper sapphires
SourcingJul 10, 2024
Navneet Gems Launches Salt-and-Pepper Sapphires

Sourced from Tanzania, the stones feature a unique hematite inclusion.

Buccellati butterfly brooch
TrendsJul 10, 2024
Amanda’s Style File: Slither and Fly

Snakes, birds, and bugs are all the buzz this summer.

Peter Smith
ColumnistsJul 09, 2024
11 and ½ Thoughts on Leadership

From prioritizing “big rocks” to practicing transparency, Peter Smith explores what it takes to be an effective leader.

John Hardy bracelet and Wölffer Estate Summer in a Bottle rosé
CollectionsJul 09, 2024
John Hardy Toasts to Wölffer Estate With New Collection

The capsule collection is inspired by the Hamptons vineyard’s Summer in a Bottle rosé.

Fuli Gemstones peridot The Curious Gem
SourcingJul 09, 2024
The Curious Gem Now Carrying Fuli Peridot

The U.K.-based online supplier will offer calibrated stones under 1 carat.

Graff’s fancy yellow and white diamond necklace
CollectionsJul 09, 2024
See Graff’s New High Jewelry Creations

The jewels are inspired by modern architecture with a focus on the play of light and movement.

Ravi Bhansali and Isidore Mörsel
SourcingJul 08, 2024
AWDC Re-Elects Isidore Mörsel as Board President

Ravi Bhansali has been elected vice president.

Tiffany Stevens
GradingJul 08, 2024
IGI Names Tiffany Stevens to Lead North American Business

Stevens, the former CEO of the Jewelers Vigilance Committee, will succeed Avi Levy.

Michael Richards and Clayton Bromberg of Underwood’s
IndependentsJul 08, 2024
Underwood’s Appoints Michael Richards as President

Clayton Bromberg will remain as chairman of the Florida jeweler.

Yale Peabody Museum quartz sandstone concretion
SourcingJul 08, 2024
Yale Peabody Museum to Reopen Hall of Minerals

The Connecticut museum will unveil the newly renovated galleries on July 9.

Neiman Marcus Fort Worth Texas
MajorsJul 05, 2024
Saks Fifth Avenue Owner to Acquire Neiman Marcus

The deal is valued at $2.65 billion.

Cece Jewellery Insignia Medallion
CollectionsJul 05, 2024
Piece of the Week: Cece Jewellery’s ‘Insignia’ Medallion

Spin the medallion’s diamond arrow to find out your fate.

SourcingJul 05, 2024
Lucara Names New VP of Mineral Resources

Lauren Freeman, a Ph.D. with more than 25 years of experience in mining, has joined the company.

2004 case.png
Supplier BulletinJul 03, 2024
CASE Awards: Celebrating Creativity & Craftsmanship for 30 Years

Sponsored by Jewelers of America

Sissy’s Log Cabin William Jones IV
IndependentsJul 03, 2024
William Jones IV Promoted to President of Sissy’s Log Cabin

The third-generation leader succeeds Lamar McCubbin, who resigned last month after 11 years in the role.

×

This site uses cookies to give you the best online experience. By continuing to use & browse this site, we assume you agree to our Privacy Policy