The EU has extended the “sunrise period” for traceability of sanctioned Russian diamonds by six months and is allowing trade in “grandfathered stock”—goods imported before restrictions were imposed, IDEX Online reports.
The new sanctions primarily target liquefied natural gas (LNG), close existing loopholes, and add 116 entities and individuals to the list. For the diamond industry, traders who can prove they possessed Russian goods before the sanctions can sell them, provided they declare these items as “grandfathered.”
The G7 and EU banned diamonds mined, processed, or produced in Russia from January 1. The ban extended on March 1 to cover all Russian gems of 1.0 carats or more, regardless of where they were cut and polished. From September 1, it will include all goods of 0.50 carats and above. The mandatory traceability schemes’ “sunrise period” has been extended to March 1, 2025.
Meanwhile, IDEX Online is also reporting that in response to tighter diamond sanctions from the G7 and EU, Russia is seeking to strengthen its relationships with Brazil, India, China, South Africa, and other BRICS countries.
A roundtable discussion at the St. Petersburg International Economic Forum earlier this month focused on setting an agenda for “equal and fair interaction between the parties involved in all segments of the global diamond trade.”
