EU Offers Guidance on Trade Sanctions for Russian Diamonds
The EU this month issued new guidance on its sanctions for importing Russian diamonds, describing the types of diamonds subject to trade restrictions, explaining how the restrictions apply to jewelry that incorporates Russian diamonds, outlining a new mandatory diamond traceability mechanism, and more.
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The FAQs say the EU will establish a “robust traceability-based verification and certification mechanism” for diamonds traded within the Group of 7 countries beginning in March 2025. That certification has been optional for G7 countries since March 2024, but certain products will soon need to be physically inspected by G7 authorities and must receive a certificate “after successful verification” starting in March for diamonds with a weight of 0.5 carats or above.
Another FAQ clarifies that existing stocks of diamonds aren’t subject to Russia restrictions as long as they are “non-industrial, natural, or synthetic diamonds (both rough and polished)” that a business “already possessed before the date of applicability” of the sanctions. But the EU also said companies may need to meet certain conditions “in order to benefit from this grandfathering exception” if the diamonds were located or manufactured in a third country other than Russia before the sanctions took effect, including by providing shipping documents and other “evidence” to EU authorities.