EU proposes to ban Russian diamonds from start of 2024

Polymetal’s Dukat Gold Hub in Russia. Credit: Polymetal.

The European Commission is proposing to ban imports of Russian diamonds and diamond jewellery from the start of 2024 as part of a new sanctions package to curb Russia’s ability to finance its invasion of Ukraine, a Commission proposal showed.

The proposal, under discussion by ambassadors of the EU’s 27 governments on Friday, also calls for an import, purchase and transfer ban on diamonds transiting Russia and Russian diamonds cut and polished in third countries, such as India.

The proposal said the ban applied to non-industrial natural and synthetic diamonds and diamond jewellery from January 2024. There would also be a progressive phase-in – from March 1 to Sept 1 – of an import ban of Russian diamonds when processed in third countries, including jewellery with Russian diamonds.

“This phasing-in of indirect import bans takes into consideration the need to deploy an appropriate traceability mechanism that enables effective enforcement measures and minimizes disruptions for market players,” said the proposal, seen by Reuters.

(By Philip Blenkinsop and Jan Strupczewski)


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