Another blow to Russia… It will be banned from January 1

According to the statement by the officials of the G7 countries, the decision to ban diamond imports from Russia will be announced within three weeks.

The global diamond market will change within the scope of the ban plan proposed by Belgium, which ranks first in the global diamond trade.

In this context, a common system will be implemented to certify rough and polished diamonds and to track Russian diamonds.

Entry points and customs controls in diamond trade with G7 countries will be centralized.

Only diamonds that are certified and come from outside Russia will have access to this market. Therefore, Russia’s revenue from diamonds will be reduced.

Russia is the largest producer of rough diamonds in the world. It is estimated that Russia generates $4 billion in revenue annually from diamond exports.

More than 80 percent of the world’s rough diamonds are traded in Antwerp, Belgium. 90 percent of diamonds are processed in India. (AA)