The G7 countries will discuss four options for a plan to ban Russian diamonds

Restrictions are planned to be introduced from January 1, 2024. The meeting of the Big Seven countries will be held this Thursday. The following options for sanctions are being considered:

The Belgian plan. This option is considered the strictest. It is assumed that a «blockchain certificate of the G7 countries» will be issued for Russian diamonds, which will allow tracking the movement of each batch through a single point of entry. Mixed deliveries will be prohibited at the same time.

Indian plan. It involves the introduction of GEMPACT certificates for diamonds weighing more than 1 carat, which will be issued for 1 year. The GEMPACT State Council will check suppliers and allow them to ship products to the G7 countries.

The French plan. This option implies a complete ban on Russian round white diamonds weighing more than 1 carat in the first year. In the second year, the restrictions will also apply to stones weighing more than 0.5 carats. In this case, the control will be minimal, since sellers will submit reports themselves and be subject to only rare checks.

World Diamond Council. It is proposed to ban Russian diamonds weighing more than 1 carat. Sometimes random checks of manufacturers will be carried out.