Russian Diamonds Are No Longer Forever, but the Blockchain Is

By Denisse Rudich, The Sentry

On March 1, 2025, the G7 Certification Scheme, which introduces traceability measures targeted at Russian-origin diamonds — even those polished in third countries, is expected to become mandatory.[i] Aimed at ramping up measures in the diamond market to clamp down on Russia’s ability to finance its war machine, the scheme introduces a blockchain-based ledger for traceability-based verification and certification to track rough diamonds from “‘the mine to the finger,’”[ii], [iii], [iv], [v] thereby supporting sanctions monitoring, import bans, and transparency.[vi]

While it may seem like an innovative way to improve diamond traceability, blockchain technology should not be seen as a silver bullet. Human intervention is still required, as individuals need to validate information before a certificate of origin is issued and a “digital twin” — effectively a virtual representation — of a diamond is created and added to the blockchain.[vii] This dependence on human-generated records offers a path for illicit actors to compromise the blockchain by inputting false origin information. The risk of fraudulent certification and poor data being uploaded onto an immutable blockchain is high. For the implementation of the diamond ban to be effective, producing countries will need proper tools and training to ensure that the right information is captured and loaded onto the blockchain from the start.

As the G7 looks to the successful implementation of a blockchain solution for diamonds, it must ensure that adequate safeguards are added to address risks. Any traceability solutions, including those using blockchain technology, must have controls to guard against abuse at the source and throughout the supply chain; they must promote data governance and data quality standards and ensure that solutions remain fit for purpose and are adopted by the industry. If properly implemented and resourced, blockchain technology could limit opportunities for the diamond trade to be used to launder illicit funds and evade sanctions. It could mean that, as former European Council President Charles Michel presciently said, “Russian diamonds are not forever.”[viii]

Diamonds Under Pressure

Although Russia’s aggression in Ukraine has triggered an international coordinated response, Russia has long been a destabilizing force across the Middle East, Europe, and Africa. Over the past few years, in particular, the presence of Russian private military companies has expanded across Africa, exacerbating already fragile political situations, fueling violence, and encroaching on local mining sites. In the Central African Republic, for example, Russia’s Wagner Group carried out “a campaign of terror,” committing systematic human rights violations including mass killings, torture, and rape and conducting violent military campaigns to remove persons living near diamond mines.[ix], [x] Meanwhile, at home, the Russian diamond industry is estimated to generate revenue worth $4 billion per year,[xi], [xii] making it an increasingly obvious point of focus for the international community looking to curtail Russia’s ability to finance its war efforts.

To this end, the G7 remains uniquely placed to disrupt Russia’s diamond revenue and thereby protect democracy, human rights, and the rules-based international order against Russian aggression. G7 members — which include Canada, France, Italy, Germany, Japan, the United States, the United Kingdom, and the European Union — make up 70% of the world’s consumer market for diamonds.[xiii] The US alone is said to be responsible for 55% of global demand in the market.[xiv] This level of consumption — as well as the shared values and aligned interests of the G7 members — creates the potential for real impact.

The G7 has taken action on Russian diamonds, both rough and polished,[xv], [xvi] including through import bans on “non-industrial diamonds, mined, processed, or produced in Russia,” beginning in January 2024,[xvii] and on Russian diamonds “processed in third countries,” beginning on March 1, 2024.[xviii] A crucial element of these bans has been the development of “a robust traceability-based verification and certification mechanism for rough diamonds within the G7” by September 1, 2024, to allow countries to comply with sanctions and trade restrictions.[xix] To that end, the first EU certification node became operational on March 1, 2024, enabling the issuance of G7 certificates following the verification of the origin of rough diamonds.[xx]

Before these actions, members of the G7 had previously taken a piecemeal approach by issuing autonomous sanctions targeting the Russian diamond industry. The US and the UK sanctioned the world’s largest diamond producer, Russian state-owned Alrosa, soon after the conflict in Ukraine began on February 24, 2024, with its then-CEO sanctioned by the US on the first day of the conflict.[xxi], [xxii], [xxiii] At the time, Alrosa generated 90% of Russian diamonds.[xxiv], [xxv] In March 2022, the US imposed a diamond import ban that did not cover diamonds transformed in third countries.[xxvi] Canada also introduced restrictions on the diamond trade in May 2022.[xxvii] In December 2023, the US introduced an Executive Order expanding an import ban on Russian-origin diamonds to “diamonds mined, processed, or produced in Russia,”[xxviii] with Canada, Japan, and the UK also issuing or updating laws and regulations introducing import bans on Russian diamonds following the latest G7 announcement.[xxix], [xxx], [xxxi] In the EU, despite diamond imports from Russia being valued at almost 1.5 billion euro ($1.05 billion), action was significantly delayed and reportedly held up by concerns from Belgium — the world’s largest diamond trading hub.[xxxii], [xxxiii] The EU eventually introduced sanctions against Alrosa and a separate diamond ban via its twelfth sanctions package in late 2023.[xxxiv], [xxxv] This package also reflects the G7’s efforts to introduce a blockchain traceability solution to help address sanctions circumvention and segregate Russian diamonds from the global supply chain.[xxxvi]

The Blockchain, Traceability, and Sanctions

The introduction of a diamond ban underpinned by blockchain technology presents a potentially novel solution to a complex problem.[xxxvii] The blockchain is a decentralized ledger that holds immutable records — records that cannot be altered or deleted — that can be accessed by different nodes or computers operating within the system.[xxxviii] It can securely hold large amounts of data — including details of the previous transaction, dates, and timestamps — in so-called “blocks.”[xxxix] Once this data has been independently verified, validated, and uploaded onto the blockchain, it cannot subsequently be altered, making it a useful way to track assets. It allows users to see a diamond’s provenance, quality level, and chain of custody throughout the supply chain,[xl] information that can be checked independently by others in the supply chain.

With regards to how this can support sanctions implementation, and in particular the G7’s diamond ban, any data held on the blockchain can hypothetically be screened against sanctions lists if the data is unencrypted and held in the correct format. Blockchain monitoring solutions support the identification of sanctions risk by assessing country risk exposure and screening wallet addresses against designations. For example, when diamonds are transferred from one person or entity to another, originator and beneficiary data — when that becomes more widely available — could be checked against designated persons on sanctions lists. Screening can also help identify beneficial owners subject to sanctions who may be hidden in the layers of complex structures.[xli]

If sanctions authorities are engaged in the early development of this system, they could contribute to the development of smart contracts — digital contracts that automatically trigger an action when certain conditions are met — and help shape the inclusion of requirements to only allow for transfer of ownership of a diamond once certificates, digital twins, and other data have been screened and found to be clear of sanctions matches. In order for blockchain to have greater impact, work must be done to identify the effectiveness of such solutions for trade sanctions compliance as related to asset tracking.[xlii] Additional research and development is needed to enhance blockchain analytical and screening tools to allow them to carry out screening of asset tracking solutions and to monitor supply chain of custody information for sanctions violations.

With regard to import bans, holding certificates of provenance and transit and custody data on the blockchain helps filter out banned Russian diamonds, preventing them from being traded across markets. It also allows firms, customs officials, and industry hubs to independently check certificates of origin to identity Russian-origin diamonds and take appropriate steps.

While blockchain technology promotes transparency and could be seen to support the implementation of sanctions, it is only a vehicle for recording data and therefore relies on several external factors. Challenges include the strength of diamond identification and traceability efforts at the source, both of which are likely driven by the local procurement standards of diamond miners and their partners. In countries where there is limited access to the internet or to digital twin generation technology, adoption of blockchain traceability solutions will be limited. Alternative forms of data capture that can be streamed onto the blockchain at a later stage of the supply chain are required, but these could be exploited by sanctioned and criminal actors to add fraudulent or incorrect data.

As with other sanctions compliance efforts, the weak points in the implementation of this initiative will remain the accuracy of human checks and the verification of data before it is added onto the blockchain, regardless of whichever traceability solution is applied. Given the immutable nature of the blockchain, the G7 must ensure that effective measures are taken in-country and throughout the supply chain to ensure the validity of source data. Asset traceability solutions must be effective, and there is a need for identification and traceability efforts to be standardized. Industry players must also be given the right tools and knowledge on how to use information included in traceability solutions to comply with sanctions.

An Unpolished Plan

Diamond traceability solutions are still being developed. In particular, the Belgian government, working with the Antwerp World Diamond Centre (AWDC), is developing blockchain technology to help safeguard the diamond trade from financing Russia’s war. The solution includes generating and transferring G7 certificates from existing traceability solutions — including Tracr, the GIA’s Diamond Origin Report, Sarine Diamond Journey, and Everledger — on a single immutable blockchain ledger supported by physical checks on rough diamonds and traceability data.[xliii], [xliv], [xlv] India’s Gem & Jewellery Export Promotion Council (GJEPC); France’s Union Française De La Bijouterie, Joaillerie, Orfèvrerie, Des Pierres & Des Perles; and the World Diamond Council (WDC) also put forward proposals, but it is uncertain whether elements of these will exist in parallel to or feed into the blockchain solution being developed by Belgium.[xlvi] As it is, the G7 appears to have adopted the solution proposed by Belgium, setting Antwerp up as a “clean diamond” hub.[xlvii], [xlviii] [xlix], [l]

The adoption of Belgium’s solution has not necessarily been welcomed by African producing countries or by the diamond industry, while other industry partners have expressed reservations.[li], [lii], [liii] India’s GJEPC released a statement citing “reservations on the timelines announced for the implementation of restrictions,” calling for increased flexibility, and emphasizing the need to protect the “interests of SMEs [small medium-sized enterprises] and marginal diamond units” that employ millions of people.[liv] Given that India is responsible for cutting and polishing 90% of the world’s diamonds — employing an estimated 1.5 million people in the industry — India’s buy-in is seen as vital to cutting off the supply of Russian diamonds and significantly reducing Russia’s ability to continue financing its war.[lv], [lvi] The WDC also released a statement welcoming the G7’s intent and indicating that it would engage with the G7 on “providing African producing countries the freedom and independence to verify and certify the origin of rough diamonds mined in their territories”; ensuring that any traceability technological solution is accessible to all industry participants, including artisanal and small-scale miners; and making sure that “responsibly sourced natural diamonds” have greater access to G7 markets.[lvii]

As these statements suggest, many questions remain around implementation:

► Will countries that have not adopted G7-style sanctions against Russia — such as India and African countries — be able to verify and certify non-origin status?

► How and where will checks be carried out on the country of origin of a diamond?

► Who will bear the costs of additional resourcing to carry out certification requirements?

► Will this result in increased barriers to access to the G7 market for African producing nations?

► What will be the impact on artisanal miners?

► Will a bottleneck be created if only Antwerp is selected as the city carrying out checks?[lviii]

It is essential that the G7 continues to work with producing countries to give them the right tools and training. Doing so will ensure that use of the blockchain does not create additional barriers to entry and that the right information is captured and loaded onto the blockchain to guarantee effective implementation of the diamond ban.

Recommendations

The introduction of blockchain by the G7 is in many ways an innovative solution to an intricate problem. However, the G7 and its allies should continue to work with key partners to make diamond traceability more effective. G7 countries must also take ongoing measures to coordinate sanctions and diamond bans in order to curb sanctions evasion and tackle a significant source of funding for Russia’s war chest. For sanctions and the ban to be effective on Russian-origin diamonds, both rough and polished, the G7 and international partners must take additional steps.

G7 and international partners

Explore mobile only or non-technological traceability mechanisms for use by small mining companies and artisanal miners and make solutions and accompanying training widely available. Limited access to the internet at the source will limit blockchain’s effectiveness, meaning that a no- or low-technology solution must be explored. Training materials and step-by-step guides in local languages are needed, including on how to separate Russian from non-Russian rough diamonds and on how to access and use any tools that are rolled out. The G7 should also explore working with partner countries to place independent monitors from industry and civil society at key points of the supply chain to monitor compliance, particularly in major trading hubs for Russian diamonds.

Issue guidance on how information contained on asset tracking blockchain solutions can be used for sanctions compliance. This should include how parties can access data, as well as technology standards and formats to use to simplify screening against sanctions lists of origin, transit and destination countries, and the names of parties that have held custody over a diamond.

Work with blockchain monitoring providers to explore how to apply technology to supply chain traceability to identify sanctions breaches. Governments should engage with blockchain monitoring providers to identify the strengths and limitations of current solutions and to further enhance solutions to support sanctions screening of assets tracked in the blockchain that do not have non-fungible tokens (NFTs). NFTs are digital tokens that are held on the blockchain to represent ownership of an asset.

Adopt an aligned set of principles and develop data standards and data schemas to make diamond traceability effective. G7 countries should adopt a cohesive and aligned set of principles to improve traceability measures, regardless of which industry solution is adopted. Such principles would aid in identifying and segregating Russian-origin diamonds and Russian-sourced diamonds and provide the industry with tools to help prevent the circumvention of sanctions.

Continue to adopt coordinated sanctions related to Russian diamonds and enablers in third countries. The G7 and its allies should continue to coordinate targeted sanctions related to Russia affiliated diamond companies, including majority-owned companies and new front companies established to take over the business of sanctioned entities, and their networks around the globe.[lix] Consideration should also be given to sanctioning third country enablers that continue to support Russian attempts to evade strengthened sanctions. Adopting coordinated multilateral targeted designations will improve the ability to effectively disrupt this billion-dollar revenue stream for Russia.

Issue guidance to the private sector on enhanced due diligence to identify Russian-origin and Russian-sourced diamonds. G7 countries should issue national advisories to allow firms either purchasing or financing diamonds to carry out enhanced due diligence, including supply chain due diligence. Advisories should also include guidance on how to identify genuine certificates, if they do not have access to the blockchain traceability solutions being put forward.

[i] European Union, “Questions and Answers on the 14th package of restrictive measures against Russia,” June 24, 2024, available at: https://ec.europa.eu/commission/presscorner/detail/en/qanda_24_3425

[ii] European Commission, “Questions and Answers: Twelfth Package of Restrictive Measures Against Russia,” December 18, 2023, available at: https://ec.europa.eu/commission/presscorner/detail/en/qanda_23_6642

[iii] Reuters, “Options for G7 Discussion for a Ban on Russian Diamonds,” October 18, 2023, available at: https://www.reuters.com/markets/commodities/options-g7-discussion-ban-russian-diamonds-2023-10-18/.

[iv] Financial Times, “G7 Governments to Announce Bans on Russian Diamond Imports,” September 15, 2023, available at: https://www.ft.com/content/dc5b7c52-0f51-4ad8-a33a-db446a0454ef

[v] IPIS, “G7 Targets Russian Diamonds — Q&A,” October 28, 2023, available at: https://ipisresearch.be/g7-targets-russian-diamonds-qa/

[vi] European Union, “Restrictions on Diamonds: Frequently Asked Questions as of 1 March2024,” March 1, 2024, available at: https://finance.ec.europa.eu/system/files/2023-12/faqs-sanctions-russia-diamonds_en.pdf

[vii] European Commission, “Questions and Answers: Twelfth Package of Restrictive Measures Against Russia,” December 18, 2023, available at: https://ec.europa.eu/commission/presscorner/detail/en/qanda_23_6642

[viii] Council of Europe, “President Michel: ‘Russian Diamonds Are Not Forever,’” May 19, 2023, available at: https://newsroom.consilium.europa.eu/events/20230519-eu-g7-summit-2023/139936-president-michel-russian-diamonds-are-not-forever-20230519

[ix] The Sentry, “Architects of Terror: The Wagner Group’s Blueprint for State Capture in the Central African Republic,” June 2023, available at: https://thesentry.org/reports/architects-of-terror/

[x] Africa Defense Forum Magazine, “With New Name, Same Russian Mercenaries Plague Africa,” January 16, 2024, available at: https://adf-magazine.com/2024/01/with-new-name-same-russian-mercenaries-plague-africa/

[xi] UK Government, “New Sanctions Demonstrate G7 Resolve on Russia,” May 18, 2023, available at: https://www.gov.uk/government/news/new-sanctions-demonstrate-g7-resolve-on-russia

[xii] European Commission, “Questions and Answers: Twelfth Package of Restrictive Measures Against Russia,” December 18, 2023, available at: https://ec.europa.eu/commission/presscorner/detail/en/qanda_23_6642

[xiii] Julia Payne and Polina Devitt, “G7 to Launch Russian Diamond Ban in Bid to Curb Revenues,” Reuters, September 15, 2023, available at: https://www.reuters.com/markets/commodities/g7-launch-russian-diamond-ban-bid-curb-revenues-belgian-officials-2023-09-15/

[xiv] Polina Devitt, Clara Denina and Mimosa Spencer, “G7 Plan to Ban Russian Diamonds to Further Dim Industry Sparkle,” Reuters, October 31, 2023, available at: https://www.reuters.com/markets/commodities/g7-plan-ban-russian-diamonds-further-dim-industry-sparkle-2023-10-30/

[xv] The Group of 7, “G7 Leaders’ Statement,” February 24, 2023, available at: http://www.g7.utoronto.ca/sworking ummit/2023hiroshima/000123439.pdf

[xvi] The Group of 7, “G7 Leaders’ Statement on Ukraine,” May 19, 2023, available at: http://www.g7.utoronto.ca/summit/2023hiroshima/G7+Leaders+Statement+on+Ukraine(20230519).pdf

[xvii] Government of Canada, “Sanctions — Russian Invasion of Ukraine,” available at: https://www.international.gc.ca/world-monde/issues_development-enjeux_developpement/response_conflict-reponse_conflits/crisis-crises/ukraine-sanctions.aspx?lang=eng

[xviii] UK Foreign, Commonwealth and Development Office and Department for Business and Trade, “Joint Statement on G7 Diamond Sanctions,” November 27, 2024, available at: https://www.gov.uk/government/news/joint-statement-on-g7-diamond-sanctions#:~:text=On%201%20March%202024%2C%20Russian,became%20operational%20in%20the%20EU

[xix] UK Government, “G7 Leaders’ Statement,” December 6, 2023, available at: https://www.gov.uk/government/news/g7-leaders-statement-6-december-2023

[xx] UK Foreign, Commonwealth and Development Office and Department for Business and Trade, “Joint Statement on G7 Diamond Sanctions,” November 27, 2024, available at: https://www.gov.uk/government/news/joint-statement-on-g7-diamond-sanctions#:~:text=On%201%20March%202024%2C%20Russian,became%20operational%20in%20the%20EU

[xxi] US Department of the Treasury, “The United States Sanctions Major Russian State-Owned Enterprises,” Press Release, April 7, 2022, available at: https://home.treasury.gov/news/press-releases/jy0707

[xxii] US Department of the Treasury, “U.S. Treasury Announces Unprecedented & Expansive Sanctions Against Russia, Imposing Swift and Severe Economic Costs,” Press Release, February 24, 2022, available at: https://home.treasury.gov/news/press-releases/jy0608

[xxiii] UK Foreign, Commonwealth and Development Office and The RT Hon Elizabeth Truss, “Foreign Secretary Announces 65 New Russian Sanctions to Cut Off Vital Industries Fuelling Putin’s War Machine,” Press Release, May 24, 2023, available at: https://www.gov.uk/government/news/foreign-secretary-announces-65-new-russian-sanctions-to-cut-off-vital-industries-fuelling-putins-war-machine

[xxiv] US Department of the Treasury, “The United States Sanctions Major Russian State-Owned Enterprises,” Press Release, April 7, 2022, available at: https://home.treasury.gov/news/press-releases/jy0707

[xxv] US Department of the Treasure, “U.S. Treasury Announces Unprecedented & Expansive Sanctions Against Russia, Imposing Swift and Severe Economic Costs,” Press Release, February 24, 2022, available at: https://home.treasury.gov/news/press-releases/jy0608

[xxvi] US President (Joseph R. Biden), Executive Order 14068, “Prohibiting Certain Imports, Exports, and New Investment With Respect to Continued Russian Federation Aggression,” March 11, 2022, available at: https://ofac.treasury.gov/media/919281/download?inline

[xxvii] Government of Canada, “Regulations Amending the Special Economic Measures (Russia) Regulations: SOR/2022–102,” May 18, 2022, available at: https://gazette.gc.ca/rp-pr/p2/2022/2022-06-08/html/sor-dors102-eng.html

[xxviii] United States White House, “Fact Sheet: Biden Administration Expands U.S. Sanctions Authorities to Target Financial Facilitators of Russia’s War Machine,” December 22, 2023, available at: https://www.whitehouse.gov/briefing-room/statements-releases/2023/12/22/fact-sheet-biden-administration-expands-u-s-sanctions-authorities-to-target-financial-facilitators-of-russias-war-machine/

[xxix] The United Kingdom, The Russia (Sanctions) (EU Exit) (Amendment)(№5) Regulations 2023, December 14, 2023, available at: https://www.legislation.gov.uk/uksi/2023/1367/made

[xxx] Government of Canada, “Minister Joly Announces Ban on Direct Import of Russian Diamonds and Related Products,” December 6, 2023, available at: https://www.canada.ca/en/global-affairs/news/2023/12/minister-joly-announces-ban-on-direct-import-of-russian-diamonds-and-related-products.html

[xxxi] Al Jazeera, “Japan Expands Sanctions Over Russia’s War in Ukraine,” December 15, 2023, available at: https://www.aljazeera.com/economy/2023/12/15/japan-expands-sanctions-over-russias-war-in-ukraine

[xxxii] European Commission, “Questions and Answers: Twelfth Package of Restrictive Measures Against Russia,” December 18, 2023, available at: https://ec.europa.eu/commission/presscorner/detail/en/qanda_23_6642

[xxxiii] Bloomberg, “Russia’s Secret Gem Sales Are Dividing the Diamond World,” September 17, 2023, available at: https://www.bloomberg.com/news/articles/2022-09-17/russia-s-secret-gem-sales-are-dividing-the-diamond-world#xj4y7vzkg

[xxxiv] On January 3, 2024, the EU followed up by sanctioning both Alrosa and its CEO, Pavel Alekseevich Marinychev. See:

European Union, “Russian War of Aggression Against Ukraine: Council Adds 1 Person and 1 Entity to EU Sanctions List,” January 3, 2024, available at: https://www.consilium.europa.eu/en/press/press-releases/2024/01/03/russian-war-of-aggression-against-ukraine-council-adds-1-person-and-1-entity-to-eu-sanctions-list/

[xxxv] Council of Europe, “EU Adopts 12th Package of Sanctions Against Russia for Its Continued Illegal War Against Ukraine,” December 18, 2023, available at: https://ec.europa.eu/commission/presscorner/detail/en/ip_23_6566

[xxxvi] European Commission, “Questions and Answers: Twelfth Package of Restrictive Measures Against Russia,” December 18, 2023, available at: https://ec.europa.eu/commission/presscorner/detail/en/qanda_23_6642

[xxxvii] European Commission, “Questions and Answers: Twelfth Package of Restrictive Measures Against Russia,” December 18, 2023, available at: https://ec.europa.eu/commission/presscorner/detail/en/qanda_23_6642

[xxxviii] World Bank, “Distributed Ledger Technology (DLT) and Blockchain,” 2017, available at: https://documents1.worldbank.org/curated/en/177911513714062215/pdf/122140-WP-PUBLIC-Distributed-Ledger-Technology-and-Blockchain-Fintech-Notes.pdf

[xxxix] Synopsis, “Blockchain,” available at: https://www.synopsys.com/glossary/what-is-blockchain.html#:~:text=A%20blockchain%20is%20%E2%80%9Ca%20distributed,a%20timestamp%2C%20and%20transaction%20data. (last accessed February 18, 2024).

[xl] Everledger, “Symphony of Tech,” available at: https://everledger.io/technology/ (last accessed December 13, 2024).

[xli] Angelica Garcia and Camille Erickson, “Miners Hope Blockchain Can Safeguard a Clean Image, but Tech Has Limits,” S&P Global, June 27, 2022, available at: https://www.spglobal.com/marketintelligence/en/news-insights/latest-news-headlines/miners-hope-blockchain-can-safeguard-a-clean-image-but-tech-has-limits-70669897

[xlii] Elliptic, “Crypto Wallet Screening,” available at: https://www.elliptic.co/solutions/crypto-wallet-screening (last accessed February 18, 2024).

[xliii] Rob Bates, “G7 Russian Diamond Ban Unlikely to Start in January,” JCK Online, October 20, 2023, available at: https://www.jckonline.com/editorial-article/g-7-russian-diamond-ban-january/

[xliv] Rob Bates, “Diamond Industry Gears Up for G7 Russia Ban,” JCK Online, September 20, 2023, available at: https://www.jckonline.com/editorial-article/diamond-industry-russia-ban/

[xlv] Sarine, “High Speed Automated Rough Diamond Registration: The Latest Traceability Innovation You Should Know,” December 18, 2023, available at: https://blog.sarine.com/easily-track-every-diamond-in-the-world

[xlvi] Reuters, “Options for G7 Discussion for a Ban on Russian Diamonds,” October 18, 2023, available at: https://www.reuters.com/markets/commodities/options-g7-discussion-ban-russian-diamonds-2023-10-18/

[xlvii] Belga News Agency, “G7 Agrees on Russian Diamond Import Ban and Tracing System,” December 7, 2023, available at: https://www.belganewsagency.eu/g7-agrees-on-russian-diamond-import-ban-and-tracing-system

[xlviii] Julia Payne and Dmitry Zhdannikov, “US Lukewarm on G7 Russian Diamond Ban After Industry Backlash,” Reuters, May 20, 2024, available at: https://www.reuters.com/markets/commodities/us-lukewarm-g7-russian-diamond-ban-after-industry-backlash-2024-05-17/

[xlix] Belga News Agency, “G7 Agrees on Russian Diamond Import Ban and Tracing System,” December 7, 2023, available at: https://www.belganewsagency.eu/g7-agrees-on-russian-diamond-import-ban-and-tracing-system

[l] Financial Times, “G7 to Ban Russian Diamond Imports From January,” December 6, 2023, available at: https://www.ft.com/content/cc636fc6-607c-41ce-8fd4-ade2337f24ba

[li] Belga News Agency, “G7 Agrees on Russian Diamond Import Ban and Tracing System,” December 7, 2023, available at: https://www.belganewsagency.eu/g7-agrees-on-russian-diamond-import-ban-and-tracing-system

[lii] Financial Times, “G7 to Ban Russian Diamond Imports From January,” December 6, 2023, available at: https://www.ft.com/content/cc636fc6-607c-41ce-8fd4-ade2337f24ba

[liii] Julia Payne and Dmitry Zhdannikov, “US Lukewarm on G7 Russian Diamond Ban After Industry Backlash,” Reuters, May 20, 2024, available at: https://www.reuters.com/markets/commodities/us-lukewarm-g7-russian-diamond-ban-after-industry-backlash-2024-05-17/

[liv] Gem & Jewellery Export Promotion Council, “G7 Ban on Russian Diamond Imports from January — Statement by GJEPC Chairman Vipul Shah,” Solitaire, December 8, 2023, available at: https://gjepc.org/solitaire/g7-ban-on-russian-diamond-imports-from-january-statement-by-gjepc-chairman-vipul-shah/

[lv] Julia Payne and Polina Devitt, “G7 to Launch Russian Diamond Ban in Bid to Curb Revenues,” Reuters, September 15, 2023, available at: https://www.reuters.com/markets/commodities/g7-launch-russian-diamond-ban-bid-curb-revenues-belgian-officials-2023-09-15/

[lvi] Oreanda News, “G7 Will Not Force Indian Diamond Cutters to Give Up Diamonds From the Russian Federation,” October 3, 2023, available at: https://www.oreanda-news.com/en/gosudarstvo/g7-will-not-force-indian-diamond-cutters-to-give-up-diamonds-from-the-russian-/article1490565/

[lvii] Gem & Jewellery Export Promotion Council, “WDC Replies to G7 Leaders’ Statement on Russia Diamond Ban,” Solitaire, December 13, 2023, available at: https://gjepc.org/solitaire/wdc-replies-to-g7-leaders-statement-on-russia-diamond-ban/

[lviii] Rajendra Jadhav, Polina Devitt, and Clara Denina, “India, De Beers Seek Clarity, flexibility on G7’s Russian Diamond Ban,” Reuters, December 7, 2023, available at: https://www.reuters.com/world/india/india-trade-body-seeks-flexibility-g7s-phased-in-russian-gems-ban-2023-12-07/

[lix] The Wall Street Journal, “The Elusive Figure Running Wagner’s Embattled Empire of Gold and Diamonds,” 21 September 2023, available at: https://www.wsj.com/world/africa/wagner-africa-sytii-prigozhin-gold-12a45769