EU Updates Sanctions Guidance on Russian Diamonds
The European Commission this month updated its sanctions guidance on banned Russian diamonds, including sections related to tracing diamond imports, required certifications and verifications, resources for importers and more.
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The guidance notes that, effective Jan. 1, the EU will establish a “robust traceability-based verification and certification mechanism” for diamonds traded within the Group of Seven nations called the G7 Certification Scheme, which will apply to diamonds of 0.5 carats or more. Importers of those diamonds must obtain a “G7 certificate,” which "will require that information identifying a rough diamond will first be onboarded (registered) into a traceability platform in the producer country,” and the diamond will be physically checked by customs authorities. “A G7 certificate is then issued and added to the G7 ledger after successful verification,” the guidance said.