The World Diamond Council (WDC) is supporting a high-level decision by the Group of Seven (G7) to restrict Russian diamond imports pending further consultations while India – a major diamond cutting and polishing hub – says the move raises “valid concerns.”

The G7 last week announced a ban on imports of non-industrial diamonds that are mined, processed or produced in Russia effective January 1, 2024. Further phased restrictions on Russian diamonds processed in third countries will be carried out on March 1, 2024. 

In a statement, WDC said it is committed to supporting the G7’s objectives in implementing the ban and its intention to continue further consultations with industry players. 

“The WDC will seek further engagements with the G7 with the goal of supporting their phased introduction of import restrictions,” the council said. Discussions will focus on three issues: Allowing African producing countries to verify and certify the origin of rough diamonds mined in their territories; ensuring that diamond verification technology is accessible to both large and small importers, including artisanal and small-scale miners; and making sure the new measures enhance, not restrict, access to G7 consumer markets for responsibly sourced diamonds.

Meanwhile, the Gem & Jewellery Export Promotion Council (GJEPC) said the G7 decision was not surprising although it “raises valid concerns” for the Indian gemstone and jewellery trade.

GJEPC Chairman Vipul Shah explained, “We have reservations on the timelines announced for the implementation of restrictions. Recognising the diversity of our industry, we believe there should be more flexibility.”

The group also asked for a more detailed implementation strategy, specifically the definition of a “major rough diamond importer” by the G7 and how it will determine compliance by Indian companies.

Shah said GJEPC will engage with the WDC and other stakeholders as well as the Indian government to ensure the interests of Indian diamond companies are protected.

Diamond mining giant De Beers Group also reportedly sought clarification from G7 countries on how the import ban will be carried out. 

The G7 is also aiming to establish a traceability-based verification and certification mechanism for rough diamond imports within the G7 by September 1, 2024.

The group comprises the advanced economies of Canada, France, Germany, Italy, Japan, the United Kingdom and the US.