De Beers has announced its full preparedness to comply with the recent expansion of G7 import restrictions on Russian diamonds. Effective 1st September, these restrictions now apply to diamonds of 0.5 carats and above.
The company’s existing Best Practice Principles and Pipeline Integrity standards have long established stringent protocols for ensuring the provenance of its diamonds. These programs will continue to enable De Beers’ customers to provide the necessary evidence of diamond origin as the size threshold for G7 restrictions decreases from 1 carat to 0.5 carats.
De Beers has expressed its support for the G7’s collaborative efforts with the industry and diamond-producing countries. The company commends the extension of the sunrise period, the focus on achieving full traceability, and the implementation of a practical approach for “grandfathered” diamonds purchased before the Russian supply restrictions were imposed.
To further bolster its commitment to diamond traceability, De Beers has been actively expanding its Tracr blockchain platform. As of now, over 2.6 million rough diamonds and 370,000 polished diamonds have been registered on the platform.
Al Cook, CEO, De Beers Group, said: “De Beers fully supports the work being carried out by the G7 to prohibit the trade in Russian diamonds and we are committed to working with the G7, the diamond industry and our partner governments to ensure there is an effective system put in place.”