De Beers has indicated that it is fully prepared to comply with the recent increase of G7 import restrictions on Russian diamonds. These limits will now apply to diamonds weighing 0.5 carats or more from September 1st.
The company’s existing Best Practice Principles and Pipeline Integrity standards have long developed tight methods for determining the origin of its gems. As the size barrier for G7 restrictions reduces from 1 carat to 0.5 carats, these programs will continue to allow De Beers‘ clients to furnish the requisite documentation of diamond origin.
De Beers has endorsed the G7’s cooperation efforts with the industry and diamond-producing countries. The company applauds the extending of the sunrise period, the emphasis on full traceability, and the execution of a practical approach for “grandfathered” diamonds purchased before Russian supply limitations were established.
To strengthen its commitment to diamond traceability, De Beers has been actively growing its Tracr blockchain platform. There are already approximately 2.6 million raw diamonds and 370,000 polished diamonds registered on the portal.
Al Cook, president and CEO of De Beers Group, commented: “De Beers fully supports the work being carried out by the G7 to prohibit the trade in Russian diamonds and we are committed to working with the G7, the diamond industry and our partner governments to ensure there is an effective system put in place.”