Diamond trade polishes its act as Russia sanctions loom
1 year ago

Diamond trade polishes its act as Russia sanctions loom

The Hindu  

As European capitals prepare to implement long-awaited sanctions on Russia's diamond exports, Belgian traders are bracing for new scrutiny of their industry. In Antwerp's renowned diamond district — which handles an estimated 86% of the world's rough diamonds — polishing "labs" are turning to blockchain technology to prove their gemstones come from legitimate mines in Africa, Australia or Canada and not Russia. The industry has sought to burnish its image ever since outrage erupted two decades ago over so-called "blood diamonds" financing brutal civil wars in Africa. According to a copy seen by AFP, it will ban trade in diamonds originating in, transiting, or exported from Russia, as well as Russian diamonds cut and polished in third countries. In a "lab" in Antwerp's diamond quarter, account manager Sandiah Kangoute showed AFP how miners, traders, polishers and retailers can trace their diamonds back to their source.

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History of this topic

Mint Explainer: How delayed EU sanctions bring relief to Indian diamond industry
5 months, 3 weeks ago

Mint Explainer: How delayed EU sanctions bring relief to Indian diamond industry

Live Mint  

The decision by the European Union on 24 June to defer its stricter sanctions on the import of Russian diamonds to March 2025 came as a big relief to the Indian diamond industry, particularly the polishing sector. The postponement of sanctions has brought significant relief to the Indian diamond industry, which heavily relies on imports of Russian diamonds. The Mint …

How sanctions on Russia will change the diamond trade
9 months, 2 weeks ago

How sanctions on Russia will change the diamond trade

Live Mint  

Russia's diamond industry is under pressure. This is the first phase of a comprehensive sanctions scheme: in March the G7 and EU will ban Russian gems that have been cut and polished abroad. America and Britain banned imports of Russian rough diamonds shortly after the war began, but more comprehensive sanctions were held up by negotiations: Western countries struggled to …

EU approves new sanctions against Russia over Ukraine war
10 months ago

EU approves new sanctions against Russia over Ukraine war

Al Jazeera  

Bloc officials say 200 people and entities have been added to the sanctions list, bringing the total to 2,000. European Union members have approved a 13th package of sanctions against Russia over its war in Ukraine, banning nearly 200 additional entities and individuals accused of involvement in the two-year conflict. “EU Ambassadors just agreed in principle on a 13th package …

EU sanctions Russia's largest diamond producer Alrosa
11 months, 3 weeks ago

EU sanctions Russia's largest diamond producer Alrosa

The Hindu  

The European Union on January 3 imposed sanctions on Russia's state-run diamond giant Alrosa and its CEO as part of a ban on imports of the precious stones over the Ukraine war. The EU in December agreed to prohibit diamonds exported from Russia as it tightens sanctions to further sap the Kremlin's coffers. The 27-nation bloc added Alrosa, the world's …

Russia-Ukraine War: EU sanctions world’s biggest diamond producer Alrosa
11 months, 3 weeks ago

Russia-Ukraine War: EU sanctions world’s biggest diamond producer Alrosa

Firstpost  

The EU had already banned the import, purchase or transfer of Russian non-industrial natural and synthetic diamonds and diamond jewellery from Jan. 1. The European Union imposed sanctions against Russia’s state-run Alrosa, a company responsible for approximately 90 per cent of Russia’s diamond production and its CEO on Wednesday. In December, the EU had already decided to prohibit diamonds exported …

India urges G7 to defer incoming ban on Russian diamonds as rules lack clarity
1 year ago

India urges G7 to defer incoming ban on Russian diamonds as rules lack clarity

Firstpost  

Russia is the world’s biggest producer of rough diamonds by volume. India has requested the Group of Seven nations to defer the imminent ban on Russian diamonds due to uncertainties surrounding the rules for tracing the origins of gems, according to two informed sources. Earlier this month, G7 countries announced a direct ban on Russian diamonds effective from January 1, …

The European Union targets Russia’s diamond industry in its latest round of Ukraine war sanctions
1 year ago

The European Union targets Russia’s diamond industry in its latest round of Ukraine war sanctions

Associated Press  

BRUSSELS — The European Union said Monday that it has imposed fresh sanctions on Russia over its war against Ukraine, targeting the lucrative diamonds industry, more than 140 officials and organizations, and closing loopholes that Moscow has used to bypass previous punitive measures. It’s the 12th round of sanctions and restrictions that the EU has slapped on Russia since President …

Indian exports shielded from G7 ban on Russian diamonds
1 year ago

Indian exports shielded from G7 ban on Russian diamonds

Live Mint  

New Delhi: A decision by the Group of Seven nations to ban imports of polished diamonds made from Russian rough stones from early next year will not hurt Indian diamantaires, a senior government official said on Friday. India, which cuts 14 out of 15 of the world’s rough diamonds, according to government data, does not import the stones directly from …

G7 bans Russian diamonds from January in show of solidarity to Zelensky
1 year ago

G7 bans Russian diamonds from January in show of solidarity to Zelensky

The Independent  

For free real time breaking news alerts sent straight to your inbox sign up to our breaking news emails Sign up to our free breaking news emails Please enter a valid email address Please enter a valid email address SIGN UP I would like to be emailed about offers, events and updates from The Independent. Please try again later {{ …

G-7 to ban Russian diamond imports
1 year ago

G-7 to ban Russian diamond imports

Live Mint  

Group of Seven nations have agreed to ban Russian diamond imports from the start of next year in the latest move to curb Russia’s ability to fund its invasion of Ukraine. Earlier attempts to sanction Russian gems in Europe had met resistance from leading importer nations like Belgium, which had argued that a simple ban would just shift the lucrative …

EU moves closer to imposing a new set of sanctions on Russia for its war on Ukraine
1 year, 1 month ago

EU moves closer to imposing a new set of sanctions on Russia for its war on Ukraine

Associated Press  

BRUSSELS — The European Union’s executive said Wednesday it proposed to the member states a new package of sanctions targeting the Kremlin and its associates, seeking to tighten previous measures approved since the February 2022 invasion of Ukraine as well as adding dozens of economic operators. The proposal sets in motion final talks between the 27 member states to reach …

Belgium's prime minister says his country supports a ban on Russian diamonds as part of sanctions
1 year, 2 months ago

Belgium's prime minister says his country supports a ban on Russian diamonds as part of sanctions

The Independent  

For free real time breaking news alerts sent straight to your inbox sign up to our breaking news emails Sign up to our free breaking news emails Please enter a valid email address Please enter a valid email address SIGN UP I would like to be emailed about offers, events and updates from The Independent. Please try again later {{ …

Belgium’s prime minister says his country supports a ban on Russian diamonds as part of sanctions
1 year, 2 months ago

Belgium’s prime minister says his country supports a ban on Russian diamonds as part of sanctions

Associated Press  

BRUSSELS — Belgium’s prime minister said his country, which has the biggest interest in the global diamond trade in the European Union, is supporting a ban on Russian diamonds as part of sanctions targeting President Vladimir Putin’s government for its war against Ukraine. January 1st of 2024.” According to The Antwerp World Diamond Centre, the world’s most important diamond trading …

G7 doesn\'t want India-processed Russian diamonds to enter US, EU
1 year, 2 months ago

G7 doesn\'t want India-processed Russian diamonds to enter US, EU

Deccan Chronicle  

Chennai: The G7 countries do not want Russian diamonds of one carat and above, processed by Indian diamantaires, to enter the US and the European Union market. The G7 bloc, consisting of Canada, France, Germany, Japan, Italy, the United Kingdom, and the United States, has restricted the entry of Russian diamonds of one carat and more to enter the US …

Why possible ban on Russian diamonds by G7 matters to India
1 year, 3 months ago

Why possible ban on Russian diamonds by G7 matters to India

Firstpost  

The Group of Seven bloc and Belgium will send their representatives to India next week to discuss the potential impact of a ban on Russian diamonds on the South Asian country. Earlier sanctions by the US on the gemstones have already hurt the diamond industry in Surat The Group of Seven countries are ready to announce an import ban on …

Sanctions on Russia may not be working, we now know why
1 year, 6 months ago

Sanctions on Russia may not be working, we now know why

Al Jazeera  

European businesses and third countries are actively circumventing sanctions, providing Russia with sanctioned goods and thus helping its war effort. On February 25, 2022, a day after Russia undertook a full-scale invasion of Ukraine, the European Union introduced unprecedented sanctions against the aggressor. Its analysis of customs data from 12 EU countries, Norway, the UK, the US and Japan shows …

U.K. announces new Russia sanctions, including diamond ban
1 year, 7 months ago

U.K. announces new Russia sanctions, including diamond ban

The Hindu  

Britain unveiled new sanctions against Russia on May 19, targeting imports of diamonds and other minerals in a bid to choke Moscow's ability to fund the war in Ukraine. Before a G7 summit in Japan began, London said it would introduce "a ban on Russian diamonds", copper, aluminium and nickel, and sanction more entities involved in Moscow's "military industrial complex". …

Russia-Ukraine war: UK announces ban on Russian diamonds
1 year, 7 months ago

Russia-Ukraine war: UK announces ban on Russian diamonds

Deccan Chronicle  

London : In a fresh round of sanctions, the UK has announced a ban on Russian diamonds, alongside the military-industrial complex and metals amid the ongoing Ukraine war. Along with these trade sanctions, the UK is also preparing to target an additional 86 members of Putin's military-industrial complex as well as those engaged in vital industries including energy, metals, and …

Angolan diamond mine says Russia sanctions could hurt operations
2 years, 7 months ago

Angolan diamond mine says Russia sanctions could hurt operations

Al Jazeera  

Endiama, which holds the exclusive concession for diamond mining rights in Angola, has already flagged an almost one-third reduction in diamond output this year. Angola’s state-run diamond miner Endiama could face a hit to its operations as Western sanctions on Russia could delay supplies of parts and machinery, according to a government brochure. Endiama, which holds the exclusive concession for …

Can India keep the shine on Russia’s diamond industry?
2 years, 8 months ago

Can India keep the shine on Russia’s diamond industry?

Al Jazeera  

An escape clause in US sanctions allows Russian diamonds to enter global markets after being cut and polished in India. “If India imposed similar sanctions to that of the US, it would further disrupt the demand for Russian diamonds,” Paul Zimnisky, a leading industry analyst, told Al Jazeera. “If India banned the import of any diamond of Russian origin, that …

India studying U.S. sanctions on Russian diamond major Alrosa
2 years, 8 months ago

India studying U.S. sanctions on Russian diamond major Alrosa

The Hindu  

The United States’ decision to impose stricter sanctions on Alrosa of Russia, a major player in India’s gems and jewellery industry, was being evaluated, sources in the industry said on Friday. Biggest supplier The latest sanctions on the major supplier of Russian rough diamonds to India, came hours after India and the United States announced the April 11 “2+2” ministerial …

Ukrainian president takes aim at imports of Russian diamonds
2 years, 8 months ago

Ukrainian president takes aim at imports of Russian diamonds

Associated Press  

Ukrainian President Volodymyr Zelenskyy asked Belgian lawmakers for more help and took aim at the continued import of Russian diamonds to Belgium’s port of Antwerp on Thursday while repeating calls for a no-fly zone over his country. But recalling the ordeal of the besieged city of Mariupol’s inhabitants, Zelenskyy also pointed to the continued importing of Russian rough diamonds to …

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