The international company De Beers Group supported the decision of the G7 countries to introduce sanctions against Russian diamonds this fall and proposed clarifications on how best to monitor the implementation of the embargo, Kommersant writes, citing an official statement from the company.
Since January 1, the EU and G7 countries have banned the import of diamonds from Russia, and since March 1, Russian diamonds processed in third countries have also been banned. By September, a mechanism for tracking and certifying precious stones is planned to be developed.
“De Beers fully supports the G7’s intention to introduce sanctions against Russian diamonds,” the organization’s website says. In response to requests from the G7 governments, De Beers formulated its own measures to control Russian imports.
In particular, the company proposes to extend the restrictions to diamonds weighing more than 0.5 carats from September 1. At the same time, for maximum confidence in the origin of diamonds, De Beers proposes to conduct certification as close as possible to the source of production.
“Belgium should take the lead, but producing countries such as Botswana, Canada, Namibia, South Africa and Angola have standards that are respected worldwide and should be able to certify their own diamonds for trade with the G7,” the company said in a statement.
De Beers recalled the Kimberley Process certification scheme for confirming the authenticity of diamond origin and noted that it needs to be further improved. Including indicating the country of origin of precious stones in certificates, rather than “mixed origin”. In addition, according to De Beers experts, certificates should be digitized.
Earlier, CEO Al Cook said that the company will no longer produce synthetic gem diamonds. This decision is part of a restructuring of De Beers’ assets ahead of its sale to Anglo American. The abandonment of synthetic gemstones will occur gradually – first, existing stocks will be sold off, after which management will decide on the further development of the division.