The US Treasury has imposed sanctions against nearly 300 Russian entities in its latest round, including a company specializing in the export of rough and polished diamonds. The new series of restrictions the Office of Foreign Assets Control (OFAC) has applied marks the two-year anniversary of Russia’s invasion of Ukraine, and is also in response … Read more
The diamond industry is bracing for significant change in 2024.
G7 countries could oblige companies to affirm that their imported polished diamonds are not of Russian provenance, according to the US’s top sanctions official.
Russia’s invasion of Ukraine is another defining moment for the diamond industry.
State Department and European Commission Engage Diamond Industry to Discuss Next Steps on Russian Diamonds
Group of Seven nations and the European Union are discussing ways to track Russian diamonds across borders, a move that could pave the way for restrictions on their trade in future, according to people familiar with the matter. Previous EU attempts to sanction Russian gems have run into resistance from importer nations such as Belgium … Read more