After agreeing to open membership talks with Ukraine and Moldova, the EU agreed on the 12th package of sanctions on Russia, this time focusing on Russian diamonds. Starting from March 2024, Russian diamonds sized a carrot or bigger will be banned from the G7 countries this will extend to half a carat by September 2024.
Russian diamond revenues are less than $4 billion a year for Russia and if diamonds can’t flow to the West they will probably end up in jewelry markets China or in Dubai. The biggest loser is the consumer as prices for diamonds as well as diamond coated jewelry will probably increase.
Foto: canva.com