March 2024
The G7 Ban on Russian Diamonds Comes Into Effect
A G7-coordinated ban on Russian-origin diamonds took effect in 2024, with a direct import prohibition from January 1 and an indirect ban on Russian stones processed in third countries following on March 1, 2024. The measures targeted Alrosa, the state-controlled Russian miner responsible for roughly 30% of global rough production. A mandatory traceability mechanism requiring origin documentation for stones above 0.5 carats was subsequently scheduled to take full effect on March 1, 2025.
The Antwerp World Diamond Centre, through which a large share of global rough passes, worked to implement the certification and node-based tracking required for compliance. Early reports suggested robust compliance among major manufacturers but complications among smaller cutting centers, prompting ongoing diplomatic discussion about enforcement consistency and the volume of Russian rough still entering some markets through third-country processing — a loophole the scheme's architects acknowledged remained incompletely closed.