US, EU to Consult Industry Leaders on Sanctions

New York: US and EU officials are to consult diamond industry leaders on further measures against Russia for its “unprovoked war in Ukraine”.
James O’Brien, head of the Office of Sanctions Coordination in Joe Biden’s administration, will seek the views of diamond retailers, manufacturers, laboratories, and industry trade associations.

The US currently sanctions rough diamonds from Russia, but not those polished those exported and polished elsewhere. The 27-nation EU has not so far sanctioned Russian diamonds.

“Russia continues to earn billions of dollars from the diamond trade, and the discussion centered on the most effective and impactful ways to disrupt that revenue stream,” said the US State Department.

Last month the G7 and EU announced additional measures against Russia to mark a year since since its invasion of Ukraine. They did not sanction diamonds but said they were working towards such measures.

The Jewelers Vigilance Committee (JVC) said it understands new restrictions are likely to specifically target all polished diamonds from Russia, regardless of where they are cut and polished.