There is a Russian product, the sanctioning of which is taking a long time

By RockedBuzz 1 Min Read

G7 leaders will discuss ways to monitor Russia’s diamond trade so that restrictions can be imposed later, at a summit in Hiroshima this week.

They can expect that this will also be mentioned in the communiqué of the G7

– said an official of the European Union speaking to journalists.

He added that no agreement will be reached on the restrictions yet, but he is confident that the principles will be agreed upon as soon as possible.

Reuters noted that Poland proposed a new package of sanctions against Russia in April, including on the diamond trade, but the precious stones have been at loggerheads in the European Union. One of the world’s largest diamond traders, Belgium, strongly opposed the Polish idea.

According to the Antwerp World Diamond Center (AWDC), the sanctions would take away about 30% of business, favoring rival trade centers. They added that customers have the right to decide whether they want Russian gems.

Cover image source: Getty Images

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