Diamonds can change hands 20 to 30 times between mine and market, according to Hans Merket, a researcher with the International Peace Information Service, an independent research agency.
“It will be important to find the right balance between ambition and realism,” he added, as it could take “years rather than months to get all noses in the right direction and reorganize this complex global supply chain.”Another headache?
Russia is known for producing small diamonds that are mostly sold in very large quantities.
The new G7 sanctions likely would cover only finished stones of one carat or larger, Mr. Brooks-Rubin said, although smaller gems may be included later.
“But our industry is also very fragmented and global, with many in the trade who still won’t fall under its remit.”
Persons:
Hans Merket, ”, Brooks, Rubin, Tiffany Stevens
Organizations:
International Peace Information Service
Locations:
Russia, New York City