The new laws now apply to diamonds weighing 0.5 carats or more, lowering the previous limit of 1 carat.
For years, De Beers has ensured diamond traceability through its Best Practice Principles and Pipeline Integrity standards. These programs give verifiable verification of the provenance of De Beers diamonds, allowing its customers to comply with the newly enhanced G7 import regulations without disruption.
De Beers applauds the G7’s collaborative approach to the diamond industry and producing countries, particularly the extending of the sunrise period and the emphasis on attaining solid traceability. Furthermore, the inclusion of allowances for “grandfathered” diamonds—those purchased prior to Russian supply restrictions—has been viewed as a feasible alternative.
As part of its continuous commitment to diamond traceability, De Beers is expanding its Tracr blockchain network, which now tracks more than 2.6 million rough diamonds and 370,000 polished diamonds.
“We fully support the G7’s efforts to restrict the trade of Russian diamonds,” stated De Beers Group CEO Al Cook. “We are dedicated to working with the G7, the diamond industry, and our governmental partners to establish an effective system that ensures the integrity of diamond sourcing.”
This proactive stance strengthens De Beers‘ position as a global leader in transparency and ethical sourcing.