Update on the G7 Sanctions: the Sixteenth Sanction Package against Russia
The G7 has updated its sanctions against Russia. Read all the updated info on our dedicated page on the Sixteenth Sanction Package against Russia.
G7 Sanctions against Russian Diamonds
To penalize Russia for its illegal war against Ukraine and to curtail the revenue from its diamond trade that helps finance the conflict, the G7—consisting of the world's leading advanced economies (Canada, France, Germany, Italy, Japan, the United Kingdom, and the United States)—has implemented import restrictions on non-industrial diamonds mined, processed, or produced in Russia. While not an official member, the European Union also actively participates in G7 meetings and supports these measures. Given Russia's significant role as a supplier of natural diamonds, these sanctions mark a pivotal step in curbing its economic resources.
The G7/EU declaration, along with the subsequent legislation to be enacted at the EU and member-state levels, imposes a direct and indirect ban on diamonds of Russian origin—both rough and polished—irrespective of where they are polished or traded.
These diamond-related sanctions against Russia are implemented in different stages.
The diamond-related sanctions against Russia are implemented in different stages:
The first stage: started on January 1, 2024
This was the moment when the import of diamonds of Russian origin or diamonds coming directly from Russia became illegal (= direct ban).
The second stage: started on March 1, 2024
As of this moment, the indirect import of Russian diamonds (for example, when they were first polished in a third country like India) has also become illegal. During this stage, which is also known as the ‘Sunrise Period’, documentary evidence is required to prove the origin of diamonds (and that they are non-Russian) when importing diamonds into Belgium via the Diamond Office. All diamonds in scope during this period (March 1 until September 1, 2024) are natural, non-industrial, rough and polished diamonds equal to or larger than 1 carat.
The third stage: in effect since September 1, 2024
From this moment, diamonds in scope are expanded with synthetic diamonds, so diamonds in scope are natural and synthetic, non-industrial, rough, and polished diamonds equal to or larger than 0.5 carat.
Also, from this moment, Belgian Registered Diamond Companies will be able to regularize their existing stock of goods, consisting of diamonds of Russian or unknown origin. This is the so-called ‘Grandfathering Principle’.
The fourth stage: started on March 1, 2025
There is a new requirement added for mixed origin rough import in the Sixteenth Sanction Package against Russia. When you're importing rough diamonds into the EU, that are in scope (all natural, non-industrial, rough diamonds equal to or larger than 0.5 carat), KP Certificates must now mention all countries of origin. Mixed origin*** is no longer accepted on the KP Certificate.
Read the full update here.
Fifth and final stage: completed by January 1, 2026
Diamond companies will have to work with a fully-fledged traceability system, on which the G7 verification and certification mechanism will be based. They are required to work with validated traceability systems in their daily workflows. This is considered to be the fifth and final stage regarding implementing the sanctions measures.
Interesting downloads:
The G7 Grandfathering Principle
The Grandfathering principle has been in effect since September 1, 2024. This principle allows Belgian-registered diamond companies and foreign diamond companies - under certain conditions - to regularize their existing stock of Russian or unknown-origin diamonds.
For all your G7 Sanctions Questions: Contact our Helpdesk!
Our Diamond Office Helpdesk is staffed by a dedicated team of knowledgeable professionals committed to assisting Antwerp diamond traders in navigating the intricate web of regulations that apply to their industry.
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