The EU authorities earlier allowed imports of a number of types of diamonds of Russian origin, according to a statement by the European Commission explaining the 14th package of sanctions against Russia
According to the Russian media, the introduction of a system for tracking the origin of diamonds requires large funding and time, its introduction may lead to pressure on the price of diamonds, so the implementation of this initiative from March 1, 2025, seems unlikely, said; Head of the securities market analysis department at Alfa Bank Boris Krasnozhenov, to media.
“The implementation of this initiative may also lead to significant cost pressure on diamond producers and cutters. There are great doubts that the tracking system will be able to operate starting from March 1, 2025,” Krasnozhenov said.
The EU authorities earlier allowed imports of a number of types of diamonds of Russian origin, according to a statement by the European Commission explaining the 14th package of sanctions against Russia. Thus, the previously introduced ban on the import of Russian diamonds does not apply to those stones that were located in the EU or in a third country (except Russia), or were cut or produced in a third country before the ban on Russian diamonds came into force.
In addition, the European Union postponed for six months the introduction of a mandatory system for tracking imports of rough and polished natural diamonds of Russian origin into EU countries to March 1, 2025.
Heera Zhaveraat (HZ International) A Diamond, Watch and Jewellery Trade Promotion Magazine provide dealers and manufactures with the key analytical information they need to succeed in the luxury industry. Pricing, availability and market information in the Magazine provides a critical edge.
