G7 about to "sentence" Russian diamonds?

On September 15, a Belgian government official revealed that the Group of Seven (G7) will announce a ban on buying and selling Russian diamonds within the next 2-3 weeks.

G7 to announce ban on Russian diamond trade. (Source: Reuters)

"The G7 has decided in principle to link origin to diamond quality but is still considering deciding on the details," the official said.

Speaking to reporters, Belgian officials said the ban will come into effect in January 2024.

The new embargo is expected to require strict and expensive tracking of diamonds of all sizes, which could take years and drive up prices, according to the New York Times .

The new measures will also target many individuals involved in energy, metals and shipping trade.

The Russian diamond industry's approximately 30% market share is currently of great importance for the balance of the global diamond market.

Efforts to reduce Russia's revenue from diamond exports, which are based on Washington's current sanctions against Russian company Alrosa - the world's largest diamond miner - are the subject of discussion among G7 leaders.

Source: https://baoquocte.vn/g7-sap-tuyen-an-voi-kim-cuong-nga-242258.html