As the G7 nations convene to deliberate on fresh import regulations aimed at curbing the influx of Russian diamonds across their borders, Al Cook, the CEO of De Beers Group, has penned an open letter addressed to the leaders of the G7, expressing De Beers’ support of the G7’s goals to prohibit Russian-origin diamonds from entering their respective countries.
According to Diamond World, Cook’s letter underscores the significance of “a collaborative, coherent, and collective approach in achieving these objectives.”
In the letter, Cook introduces the “G7 Diamond Protocol” – a proposal crafted by De Beers in collaboration with 22 diamond industry organizations through the World Diamond Council. This proposal, according to De Beers, “is aligned with the shared objectives of both the G7 and the diamond industry, aiming to offer an effective and pragmatic resolution.”
Earlier this week Reuters reported that the G7 member countries are set to convene soon to go over four approaches for banning Russian diamond exports from G7 markets starting January 1 – from a lighter-touch self-regulation approach to stringent import restriction. The proposers of these strategies include Belgium, India, a prominent French jewelry industry consortium, and the World Diamond Council. High-level insiders linked to the negotiations have confirmed that these proposals will be the focal point of a technical meeting among G7 representatives scheduled for Thursday, October 26.
Read De Beers’ full letter here.
