Policies & IssuesDec 07, 2023
The G7’s Long-Awaited Statement on Russian Diamonds Is Here Policies & IssuesDec 20, 2023
Lab-Grown Diamonds, Finished Jewelry to Fall Under G7 Ban, EU Says
The EU also provided details on the carat weight threshold, and how it will track rough diamonds.
The European Union will ban the import of diamonds “mined, processed, or produced” in Russia beginning Jan. 1, part of a fresh round of sanctions designed to impede Russia’s ability to continue to fund its war in Ukraine.
Brussels—The European Union has announced its 12th round of sanctions on Russia and, in doing so, shed some light on the forthcoming G7 restrictions on the country’s diamonds.
Details on the new sanctions were published Monday and, for the first time since Russia invaded Ukraine nearly two years ago, Russian diamonds were among the products listed as banned from entering the EU.
The sanctions are part of the “internationally coordinated” G7 diamond ban, and much of the language the EU used in its official statement echoes the statement the Group of Seven nations released earlier this month.
Beginning Jan. 1, the EU and all G7 nations will ban the import of non-industrial, natural diamonds “mined, processed, or produced” in Russia.
This initial ban, set to take effect in less than two weeks, will not have great impact in the United States, as Russian diamonds have been off-limits here since March 2022.
On March 1, the ban will extend to natural Russian diamonds cut and polished in other countries with a weight of 1 carat and above.
Then on Sept. 1, according to the EU, the ban will expand again, this time to lab-grown diamonds made in Russia, finished jewelry set with Russian diamonds, and watches containing diamonds from Russia weight a half carat and above, none of which were mentioned in the G7’s statement.
Sara Yood, deputy general counsel at the Jewelers Vigilance Committee, said in an interview Tuesday that the inclusion of lab-grown diamonds is “ultimately a good thing.”
“To me, it’s about consistency. Including lab-grown in this is a net positive because if we care about transparency and traceability, we should care about it across the board.”
Yood also noted that while finished jewelry and lab-grown diamonds have been part of the discussion on Russian diamonds, the EU’s statement is the first time she’s heard diamond-set watches mentioned.
While most watches are set with diamonds that would fall below the half-carat threshold, she sees their inclusion as a “potential loophole they are trying to close before it gets exploited.”
Related stories will be right here …
Details on the new sanctions were published Monday and, for the first time since Russia invaded Ukraine nearly two years ago, Russian diamonds were among the products listed as banned from entering the EU.
The sanctions are part of the “internationally coordinated” G7 diamond ban, and much of the language the EU used in its official statement echoes the statement the Group of Seven nations released earlier this month.
Beginning Jan. 1, the EU and all G7 nations will ban the import of non-industrial, natural diamonds “mined, processed, or produced” in Russia.
This initial ban, set to take effect in less than two weeks, will not have great impact in the United States, as Russian diamonds have been off-limits here since March 2022.
On March 1, the ban will extend to natural Russian diamonds cut and polished in other countries with a weight of 1 carat and above.
Then on Sept. 1, according to the EU, the ban will expand again, this time to lab-grown diamonds made in Russia, finished jewelry set with Russian diamonds, and watches containing diamonds from Russia weight a half carat and above, none of which were mentioned in the G7’s statement.
Sara Yood, deputy general counsel at the Jewelers Vigilance Committee, said in an interview Tuesday that the inclusion of lab-grown diamonds is “ultimately a good thing.”
“To me, it’s about consistency. Including lab-grown in this is a net positive because if we care about transparency and traceability, we should care about it across the board.”
Yood also noted that while finished jewelry and lab-grown diamonds have been part of the discussion on Russian diamonds, the EU’s statement is the first time she’s heard diamond-set watches mentioned.
While most watches are set with diamonds that would fall below the half-carat threshold, she sees their inclusion as a “potential loophole they are trying to close before it gets exploited.”
The EU’s release on the new sanctions also used the same language as the G7 statement in calling for the establishment of a “robust traceability-based verification and certification mechanism for rough diamonds,” but it expounded upon how the mechanism will work in a Q&A on the sanctions package.
According to the EU, as a “major importer” of rough diamonds, it will create a mechanism for the stones within the G7 that is blockchain-based and will require “mandatory registration” of rough diamonds using “digital twins” of the real diamond in its rough state and issuing a certificate of its origin.
The identifying information and certificate will be entered in a blockchain-based ledger so the diamond can be traced through the cutting and polishing process and presented at time of importation as a diamond from “X” country.
A spokesperson for the European Commission told National Jeweler the blockchain ledger is intended to be used by “all G7, EU jurisdictions and economic operators.”
A blockchain-based solution was the mechanism the EU proposed to the G7.
However, one of the sticking points of the so-called EU Proposal—having all diamonds bound for G7 nations pass through Antwerp—was not mentioned by the EU in its explanation of the verification and certification system.
Editors' Picks
Sponsored by
The EU said the pilot phase of the system will be operational by March 1, and fully online by the Sept. 1 deadline that extends the ban on Russian diamonds to finished jewelry, lab-grown diamonds, and diamond-set watches.
Between March 1 and Aug. 31, companies can use the system of their choosing to prove non-Russian origin but beginning Sept. 1, the use of the blockchain-based system will be “mandatory.”
“We look forward to strong cooperation from industry to ensure that our approach and intentions are understood and implemented,” the EU said.
“The goal of this effort remains centered on reducing revenue that Russia earns from diamonds, which fuels Moscow’s war machine against Ukraine.”
Between March 1 and Aug. 31, companies can use the system of their choosing to prove non-Russian origin but beginning Sept. 1, the use of the blockchain-based system will be “mandatory.”
“We look forward to strong cooperation from industry to ensure that our approach and intentions are understood and implemented,” the EU said.
“The goal of this effort remains centered on reducing revenue that Russia earns from diamonds, which fuels Moscow’s war machine against Ukraine.”
More on Policies & Issues
The Latest
Supplier BulletinMay 08, 2024
Fusing Past and Present at the Las Vegas Antique Jewelry & Watch ShowSponsored by the Las Vegas Antique Jewelry and Watch Show
EditorsMay 07, 2024
Q&A: Author Vikki Tobak on the ‘Ice-Cold’ ExhibitionTobak, author of “Ice Cold: A Hip-Hop Jewelry History,” shares how the exhibition came to be, and the pieces people may be surprised to see.
EditorsMay 07, 2024
10 On-Theme Looks from the 2024 Met GalaStars adorned themselves in emeralds, platinum, and myriad bird motifs, writes Associate Editor Natalie Francisco.
Brought to you by
From Registration to Return: 10 Tips to Protect You Before, During and After a TradeshowTradeshow risks are real. Get tips to protect yourself before, during and after and gain safety and security awareness for your business.
IndependentsMay 07, 2024
112-Year-Old New Orleans Business Popping Up in Aspen M.S. Rau is set to open a seasonal gallery in the high-end resort town early next month.
Weekly QuizMay 02, 2024
This Week’s QuizTest your jewelry news knowledge by answering these seven questions.
MajorsMay 07, 2024
Richemont Acquires Italian Jeweler VhernierThe branded jewelry market is thriving, said Richemont Chairman Johann Rupert.
CollectionsMay 07, 2024
These ‘Luminaries’ Are Set to Light Up CoutureThe six designers, all participants in the show’s Diversity Action Council mentorship program, will exhibit in Salon 634.
Brought to you by
Rio’s Reimagined Podcast: For the Love of JewelersMeet Ben Claus—grand prize winner of For the Love of Jewelers 2023 Fall Design Challenge.
AuctionsMay 07, 2024
Sotheby’s to Auction Sylvester Stallone’s WatchesThe highlight of his collection is the coveted Patek Philippe Grandmaster Chime, which could sell for up to $5 million.
CollectionsMay 07, 2024
Phillip Gavriel Pays Tribute to Venice With New CollectionThe “Venetian Link” series modernizes the classic Veneziana box chain in its bracelets and necklaces.
Events & AwardsMay 07, 2024
JA Now Accepting Applications for New Bench Jeweler ScholarshipThe Seymour & Evelyn Holtzman Bench Scholarship will provide tuition assistance to two low-income students.
EditorsMay 06, 2024
Q&A: 8 Questions With Anglo American’s Benny Oeyen The executive talked about the importance of self-purchasers and how fuel cell electric vehicles are going to fuel demand for platinum.
MajorsMay 06, 2024
Malabar Gold & Diamonds Opens 4th U.S. ShowroomThe Indian jeweler’s new store in Naperville, Illinois marks its 350th location, part of its ongoing global expansion plans.
Events & AwardsMay 06, 2024
Ben Bridge Jeweler Accepting Applications for Lonia Tate ScholarshipIt will award a graduating high school student with about $10,000 toward a GIA diploma and an internship with the Seattle-based jeweler.
CrimeMay 03, 2024
Second Suspect Arrested in Murder of Colorado JewelerWheat Ridge, Colorado police took a 50-year-old man into custody Wednesday following a two-month search.
CollectionsMay 03, 2024
A Sneak Peek Into PGI’s Couture Platinum Spotlight ProgramPGI partnered with four new and seven returning designers for its annual platinum capsule collection.
MajorsMay 03, 2024
Kristie Nicolosi Joins WJA Board AgainNicolosi, president and CEO of The Kingswood Company, previously sat on WJA’s board from 2011 to 2018.
CollectionsMay 03, 2024
Piece of the Week: A “Bit of LUV” for the DerbyKarina Brez’s race-ready piece is a sophisticated nod to the horse-rider relationship.
CrimeMay 02, 2024
4 Indicted in Burglary Ring Targeting Indian, South Asian FamiliesThe men are allegedly responsible for stealing millions in jewelry and other valuables in 43 burglaries in 25 towns across Massachusetts.
CollectionsMay 02, 2024
Foundrae Launches ‘Horizon’ Collection“Horizon” invites individuals to explore the limitless possibilities that lie ahead, said the brand.
FinancialsMay 02, 2024
Pandora Raises Guidance After Strong Q1The jeweler credits its recent “Be Love” campaign and ongoing brand revamp for its 17 percent jump in sales.
IndependentsMay 02, 2024
Oklahoma Jeweler Glenn Lewis Dies at 68The co-founder of Lewis Jewelers was also the longtime mayor of the city of Moore.
AuctionsMay 02, 2024
Vintage Baume & Mercier With Ties to Elvis Sells for $7K Elvis Presley gifted this circa 1967 gold and diamond watch to Dodie Marshall, his co-star in “Easy Come, Easy Go.”
SurveysMay 01, 2024
Consumer Confidence Falls in AprilConcerns about rising prices, politics, and global conflicts continue to dampen consumer outlook.
TrendsMay 01, 2024
Amanda’s Style File: All Eyes on EmeraldsMay’s birthstone is beloved for its rich green hue and its versatility.
SourcingMay 01, 2024
Opsydia Names New Sales and Marketing Director Jacqui Larsson joins Opsydia with nearly two decades of experience in the industry.
