The Nationwide Affiliation of Jewellers has welcomed the G7’s ban on Russian imported diamonds however has considerations about how will probably be enforced.
Non-industrial diamonds mined, processed or produced in Russia can be banned by the EU in phases, with the direct ban coming into pressure on 1 January 2024.
The ban applies to importing, buying or transferring diamonds from Russia, together with laboratory-grown diamonds and diamond jewelry.
The G7 is presently exploring viable choices to forestall the inflow of Russian diamonds into the market.
Ben Massey, NAJ chief govt, mentioned: “Since Might 2023, the NAJ has been engaged in commerce talks with authorities officers and has held working teams with commerce representatives and authorities officers for example attainable impacts and spotlight the necessity for a constructive narrative to guarantee confidence out there.
“Trying forward, we’ll proceed to work inside these teams and talk with key commerce companions to ascertain what this announcement means for our members and to encourage a workable protocol that gives confidence for the UK jewelry business.”
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