Rough Diamonds

JVC: G7 Sanctions Could Target All Russia’s Polished Diamonds

The Jewelers Vigilance Committee (JVC) said in a statement quoted by IDEX Online that according to information it has received, the G7 nations could “specifically target all polished diamonds from Russia, regardless of where they are cut and polished” on the eve of the anniversary of Russia’s invasion of Ukraine.

 

Tiffany Stevens, CEO & General Counsel at JVC, commented: “JVC expects that the process to create and implement regulations will take a few months, and looks forward to working with the U.S. Department of State and other U.S. government partners to ensure that the industry is fully informed of their responsibilities. In the meantime, JVC will continue to educate the trade on its role in ensuring that U.S. dollars do not go to fund the ongoing unjustified war in Ukraine.” 

 

Last week (February 24), the G7 leaders issued a statement that repeated the condemnation of Russia’s “heinous attacks” and made only one mention of diamonds: “Given the significant revenues that Russia extracts from the export of diamonds, we will work collectively on further measures on Russian diamonds, including rough and polished ones, working closely to engage key partners.”

 

However, according to the report, “no further details of the possible measures, or a timeframe, were given.”

 

Underground diamond mining Russia
Credit: Alrosa

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