G7 Will Restrict Russian Polished Beginning in March

[PinkDiamond]

They wasted all these years and had an ineffective boycott because they failed to do this right from the start. Better late than never I guess, but India has known this was coming and still insists on buying Russian diamonds and processing them, and according to this if they're dropped into finished jewelry they will still get through. The good part is that if this goes as planned the nations will be responsible for identifying them so by the time they arrive here jewelers won't have to worry about screening their diamond sources.

G7 Will Restrict Russian Polished Beginning in March
By Rob Bates | December 07, 2023



"In a statement issued Dec. 6, the G7 said that “phased restrictions” will be placed on Russian-mined diamonds beginning next year, though questions remain about how the ban will work.

“We will introduce import restrictions on nonindustrial diamonds, mined, processed, or produced in Russia, by January 1, 2024,” said the statement. That wording suggests that Russian rough will be banned coming into Belgium as well as other member nations of the G7 (which includes the European Union).

The G7 said it aims to block diamonds mined in Russia but polished elsewhere, beginning March 1. But the mechanics of that have proved complicated.

A Reuters report, quoting an unnamed source, said that to start, diamond companies “will be able to use a self-declaration system like one provided by the World Diamond Council”—at least until the phase-in period concludes Sept. 1.

“Western countries initially looked at various proposals that covered rough and polished gems, but countries could not agree on polished,” said Reuters.

According to its statement, the G7 wants to introduce a “robust traceability-based verification and certification mechanism with traceability requirements” by Sept. 1. “We will continue to consult with partners, including producing and manufacturing countries, on its design and implementation,” it said.

Some in the trade worry that next September the G7 would require Belgium to become a global rough diamond clearinghouse—which they say would prove a burden on African producers and the industry generally.

In a members’ alert, the Jewelers Vigilance Committee (JVC) said the G7 statement is “broad” but “demonstrates momentum.”

“We understand that as of today, finished jewelry will not be included and that ‘diamond’ is defined to mean natural diamond (not lab-grown),” the JVC added. “But we understand both of those topics could be open for reassessment once the program rolls out.”

“What’s good news for most members is the onus is not on them,” says JVC president and CEO Tiffany Stevens. “For most of our members, they won’t have many things to do. The onus is on manufacturers mostly overseas. By the time it gets to U.S. shores, it should be resolved. It only impacts a limited group.”

Yet those that will be affected expressed concern. “We have reservations on the timelines announced for the implementation of restrictions,” said Vipul Shah, chairman of India’s Gem & Jewellery Export Promotion Council, in a statement. “Recognizing the diversity of our industry, we believe there should be more flexibility in these timelines [and] would like more details on how such decisions will be implemented.”

The G7 is composed of the United States, United Kingdom, Japan, Italy, Germany, Canada, and France. The European Union is a non- ... "
https://www.jckonline.com/editorial-art ... -polished/

[SwordfishMining]

The oligarchs and the coupcoups in the 1% are never going to let any measly commission or state interfere with their income stream until they change it or accommodate the change by selling off to the government before it goes down the tubes. All prior sales will get a pass, unless you were the final buyer with it in stock now. One of my finest friends is Russian and he got out, to a Syrian prison to watch the embassy hostages marched in, before Shell hired him & US naval intelligence retired him. Loves the people, but government does not take the nonsense Americans allow.
Am I just an old curmudgeon for not buying whats printed in the papers or told at me thru the airwaves or electronics? You can only stand so much "fact checking" when you know it is political, incorrect and later proven it was incorrect in a court dancing on the strings of lawfare too long to keep the crime from happening or the criminals from being imprisoned.
That being said, no government should force all the low caste citizens to use a single electric currency. Cash is freedom of wealth and gems were always a concentration of cash. There is no easy way to get to utopia being led by "leaders" so each of us has to create it in our own lives and neighborhoods, INCLUDING the hive dwellers concentrated in cities that dont know there is out there out here.
It's about showtime and the nimble thrive as always. Well, maybe that should be stated as survived.