On March 1, the European Union (EU) implemented a ban on the import of Russian-origin diamonds, prompting Canada and Japan to follow suit with similar stringent measures, Rough & Polished reports. The US had previously enforced its own ban on Russian diamond products.
Specifically, Canadian authorities have issued a comprehensive ban that extends to citizens of Canada, both within the country and abroad, as well as citizens of other nations in Canada. Individuals are now barred from importing, purchasing, or acquiring non-industrial rough and polished diamonds of Russian origin, along with unsorted diamonds.
Simultaneously, Japan’s ban not only encompasses direct supplies of diamond products from the Russian Federation but extends to third countries as well. The newly announced sanctions on March 1 emphasize a prohibition on the import of Russian non-industrial diamonds, even if they undergo processing outside of Russia, as reported by TASS.
In December 2023, the Group of Seven (G7) nations had collectively announced restrictions on the import of diamonds mined or processed in Russia, effective from January 1, 2024. Further tightening the grip, as of March 1, restrictions are extended to encompass Russian diamonds that have been cut or processed in other countries.
