Al Cook, the CEO of De Beers Group, has expressed skepticism about the practicality of implementing G7 sanctions on Russian diamonds, scheduled to take effect next week.
In an interview with the Financial Times, Cook remarked, “With the best will in the world, the average customs agent will not be able to look at one diamond and another diamond and go, ‘That’s the Russian one.'”
Cook raised concerns about the effectiveness of the tracking system that will be utilized to enforce the sanctions. While the G7 nations have announced the adoption of some form of traceability solution in September 2024, specific details are yet to be provided.
In related news, the Namibian government has criticized the G7’s proposal to route all diamonds into the EU through a single entry point, deeming it both costly and intricate.
Tom Alweendo, Namibia’s Minister of Mines and Energy, has urged G7 nations to reconsider the impending plan, set to take effect on January 1, 2024. Alweendo stated: “We are deeply concerned about the potential consequences of these restrictive measures, as it is our understanding that all diamonds, whether rough, cut, or polished, entering the G7 and EU will be subject to verification through a ‘single node’ in Antwerp.”
