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Russian diamonds officially banned in Europe. (Source: Haarezs) |
The above restrictions are only the first part of the ban. On March 1, the second phase of the ban, which applies to natural Russian diamonds that have been processed in third countries, will come into effect.
From September 1, the import of Russian synthetic diamonds processed in third countries; jewelry and watches or pocket watches produced in third countries using Russian diamonds weighing 0.5 carats or more will also be banned.
Western countries also plan to introduce a mechanism to track and inspect unprocessed gemstones to more effectively trace their origins and avoid sanctions violations.
Some industry experts have expressed doubts about this tracking mechanism.
“A customs officer would not be able to look at a diamond and conclude it was a Russian diamond,” said Al Cook, CEO of De Beers, the world’s largest diamond mining company.
Meanwhile, according to RT, Moscow has shifted its diamond trade to the markets of China, India, the United Arab Emirates (UAE), Armenia and Belarus. These countries have all seen a sharp increase in imports of rough and cut stones from Russia in the past few months.
In December 2023, Kremlin spokesman Dmitry Peskov warned that the ban would "hit" the EU's own economy .
He also noted that Russia was prepared for the ban and had the tools to circumvent it.
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