G7 plans Russian diamond ban

G7 plans Russian diamond ban

From mining-technology.com

The Group of Seven (G7) countries are expected to ban imports of Russian diamonds in order to restrict Russia’s ability to finance its invasion of Ukraine. The G7, made up of Canada, France, Germany, Italy, Japan, the UK and the US, is due to announce the import ban in the next few weeks, an unnamed Belgian official told Reuters. If implemented, the ban will come into effect on 1 January 2024. The proposed ban could have a huge impact on the diamond market. Russia is the world’s largest producer of rough diamonds, and G7 countries currently account for 70% of the consumer market for diamonds. Under the ban, the ... (full story)

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