De Beers Questions Practicality of G7 Sanctions

By John Jeffay / December 26, 2023 / www.idexonline.com / Article Link

(IDEX Online) - Al Cook, CEO of De Beers Group, says the G7 sanctions on Russian diamonds, due to take effect next week, may prove impractical to implement."With the best will in the world, the average customs agent will not be able to look at one diamond and another diamond and go, 'That's the Russian one'," he said in an interview with the Financial Times.Cook (pictured) questioned the effectiveness of tracking system has yet to will be used to police the sanctions. The G7 nations say some kind of a traceability solution will be adopted in September 2024, but have yet to provide further details.Belgium wants mandatory third-party blockchain technology to certify the provenance of all polished diamonds above 1.0-ct and all rough over 1.4-ct. The World Diamond Council wants a self-regulated ban, with spot checks, on +1.0-ct goods, with sellers declaring they were not Russian, and setting up mechanisms to segregate them from non-Russian stones.

Recent News

Gold stocks decline as equities reach all-time highs

May 04, 2026 / www.canadianminingreport.com

Gold stocks decline on metal pullback

April 27, 2026 / www.canadianminingreport.com

Newmont's Q1/26 earnings surge again even on production drop

April 27, 2026 / www.canadianminingreport.com

Mining still rules market over past six months

April 20, 2026 / www.canadianminingreport.com
See all >
Share to Youtube Share to Facebook Facebook Share to Linkedin Share to Twitter Twitter Share to Tiktok