The plan could transform the global diamond supply chain, but implementation will depend heavily on India, whose diamond industry employs millions of people who cut and polish 90% of the world's diamonds.
If it goes ahead as anticipated, it would split the global consumer diamond market.
The EU bought 1.4 billion euros ($1.5 billion) worth of Russian diamonds last year, based on data from Eurostat, as the EU has not banned Russian gem imports nor blacklisted Alrosa.
As of 2021, global rough diamond sales totalled $16.4 billion, while demand for polished diamonds was $28 billion, the De Beers report showed.
"I think the G7 officials involved with this are taking it quite seriously and I believe they will strictly enforce it.
Persons:
Belgium's, Alrosa, De Beers, Paul Zimnisky, Zimnisky, Julia Payne, Polina Devitt, Clara Denina, Shivangi Acharya, Rajendra Jadhav, Toby Chopra, David Holmes, Veronica Brown, Jane Merriman
Organizations:
EU, Eurostat, De Beers, De, Industry, Belgian, Jewellery Export, Thomson
Locations:
India, Antwerp, BRUSSELS, LONDON, Ukraine, Belgium, Brussels, Russia, United States, INDIA, AFRICA, Africa