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☆ New sanctions on Russian diamonds will change the global trade in gems
▼ + stars: | 2024-01-22 | by ( Sarah Kent | ) edition.cnn.com time to read: +5 min

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.

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, “

☆ In diamond centre Antwerp, Russian gems are already shunned
▼ + stars: | 2023-11-03 | by ( Julia Payne | ) www.reuters.com time to read: +5 min

[1/5] Cut diamonds are seen at the diamond exchange in Antwerp, as the G7 weighs a ban on Russian diamond imports to reduce revenues for Moscow's war in Ukraine, Antwerp, Belgium, October 30, 2023. Other diamond firms in Antwerp, the world's biggest centre of trade in rough diamonds and cutting of the biggest gems, were asked to avoid Russian stones. Now, Western powers want to make the boycott official with a formal ban on Russian stones. Imports of Russian rough diamonds are now at less than 5% of pre-war levels, the source said. Most proposals under consideration by the G7 now focus on rough diamonds of 1 carat and above initially.

Persons: Johanna Geron, Thierry Tugendhaft, Van Cleef, Tugendhaft, De Beers, It's, Julia Payne, Elaine Hardcastle Organizations: REUTERS, Rights, European, World Diamond Council, EU, Thomson Locations: Antwerp, Ukraine, Belgium, Rights ANTWERP, Russia, Paris, Tiffany's, Cartier, Canada, Lesotho, South Africa, Botswana, India, United States, Japan, European Union, France, Antwerp . New

NEW YORK (AP) — A man was trapped inside a steel-reinforced concrete jewelry vault in New York City overnight after firefighters had to abandon an attempt to rescue him for safety reasons. Fortunately, the vault was on a timer and opened on its own Wednesday morning, officials said. Sarrocco did not explain how the man became trapped. Fire and police department personnel were in communication with the man inside the vault and could watch him on a security camera. “The process was started to breach the wall at the vault,” he said in a news conference at the scene.

Persons: John Sarrocco, Sarrocco, ” Locations: New York City, midtown Manhattan

☆ Options for G7 discussion for a ban on Russian diamonds
▼ + stars: | 2023-10-18 | by ( ) www.reuters.com time to read: +5 min

Enforcement would be government regulated through customs at a single point of entry for rough diamonds and several G7 entry points for polished stones. The proposal said a single entry point would be needed for rough diamonds without specifying where. Antwerp would be the favoured option for Belgium and the city also already handles most of the rough diamond trade. WORLD DIAMOND COUNCILThe World Diamond Council, which includes the world's largest rough diamond producer by value, De Beers, has proposed a version of the ban that is largely self-regulating. Any diamond sellers would then have to include with the stone they sell a declaration called the "G7 Diamond Protocol Declaration" that the diamond is not Russian.

Persons: De Beers, Sellers, De, WDC, Julia Payne, Jan Strupczewski, David Evans Organizations: Reuters, World Diamond Council, Belgian, Export Promotion Council, WORLD DIAMOND, Diamond Council, Russian, Thomson Locations: Ukraine, Belgium, India, France, BELGIUM, Antwerp, Russian, Botswana, INDIA, Surat, Mumbai, FRANCE

☆ Europe wants to ban Russian diamond imports. What comes next?
▼ + stars: | 2023-05-19 | by ( Anna Cooban | ) edition.cnn.com time to read: +6 min

“Russian diamonds are not forever,” European Council President Charles Michel said on the sidelines of the G7 summit in Hiroshima, Japan, on Friday. Tatyana Makeyeva/ReutersA ban on Russian diamonds could inflate prices for European consumers, especially if diamond production elsewhere doesn’t ramp up. The biggest task facing Europe is how to design an air-tight ban that prevents Russian diamonds from arriving in the bloc through circuitous routes. “There are a lot of Russian diamonds that still get sold within the American economy,” he said. “If you really want to close loopholes, you need to find a system that prevents [Russian] diamonds going to the G7 market,” Neys said.

☆ Factbox: EU keeps on doing business with Russia despite sanctions
▼ + stars: | 2023-03-29 | by ( Gabriela Baczynska | ) www.reuters.com time to read: +5 min

Here is a list of areas where the EU keeps on doing business with Russia. TRADE FLOWSIn 2021, Russia was the EU's fifth-largest trading partner with goods exchange worth 258 billion euros, according to the EU executive European Commission. Since the invasion in 2022, the value of EU imports from Russia fell by a half to around 10 billion euros last December. Gas is not covered by EU sanctions, but Moscow slashed pipeline deliveries to Europe since the invasion. The EU imported 2.1 billion euros worth of nickel in 2021, up to 3.2 billion euros last year, according to Eurostat.

Diamonds are pictured during an official presentation by diamond producer Alrosa in Moscow, Russia Ferbuary 13, 2019. Poland, Ireland, Lithuania, Estonia and Latvia proposed introducing a retaliatory ban on imports of diamonds from Russia, where Alrosa (ALRS.MM) is the world's largest producer of rough gems. Belgium's foreign ministry and the diplomatic representation to the EU did not respond to requests for comment. An EU official and a diplomat involved in preparations of new measures against Russia said, however, that Belgium was now expected to lift its veto. Register now for FREE unlimited access to Reuters.com RegisterWriting by Gabriela Baczynska; Editing by Emelia Sithole-MatariseOur Standards: The Thomson Reuters Trust Principles.

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