European Commission approves ban on Russian diamonds - AFP

This is reported by AFP, Ukrinform saw.

"The European Commission has adopted a proposal that will go to member states for approval, expected in the coming days," the statement said.

The draft document, a copy of which was reviewed by AFP, provides for a ban on trade in diamonds originating in Russia, transited or exported from Russia, as well as diamonds cut in third countries and diamond jewelry.

The ban on diamonds from the Russian Federation is planned to be introduced on January 1, 2024, and on diamonds cut in third countries - in stages from March to September.

According to the draft, this will allow one "to deploy an appropriate traceability mechanism that enables effective enforcement measures and minimises disruptions for market players."

As noted, EU countries are developing a ban on Russian diamonds as part of the 12th package of sanctions aimed at increasing pressure on the Russian economy.

However, precious diamonds, which are small and extremely valuable, are easy to smuggle because they can be mixed with other gemstones, the newspaper notes.

Europe, particularly Belgium, has another concern: that even after the EU sanctions are imposed, Russian gems could find their way to competitors in places like Dubai and India.

As reported, the G7 discussed four options for banning the supply of Russian diamonds to its markets from January 1. The proposals - ranging from light self-regulation to tough import measures - were prepared by Belgium, India, the French jewelry industry group and the World Diamond Council.