But as of the start of January, EU and G7 countries have banned the direct purchase of non-industrial diamonds from Russia. This move will be followed by further restrictions on the import of Russian diamonds processed in third countries starting in March. Industry groups including the World Diamond Council, Antwerp World Diamond Centre, the Gem and Jewellery Export Council of India and the Gemological Institute of America (GIA) have been working together to develop an effective solution. What does this mean for the diamond industry? LVMH-owned Tiffany and Richemont both said they stopped sourcing Russian stones shortly after the war in Ukraine broke out.

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Persons: Russia’s, Pavel Alekseevich Marinychev, ”, Paul Zimnisky, Russia they’ll, Andrey Rudakov, Morgane Winterholer, De Beers, Tiffany, Richemont Organizations: CNN, European, Bloomberg, Getty, EU, Industry, World Diamond Council, Diamond Centre, Jewellery Export, of India, Gemological Institute of America, “, ”, GIA Locations: Ukraine, Canada, Japan, France, Germany, Italy, Antwerp, Belgian, Russia, Europe, Moscow, “