De Beers has confirmed its readiness to comply with the newly expanded G7 import restrictions on Russian diamonds, which came into effect on September 1st. The updated regulations now target diamonds of 0.5 carats and above, lowering the threshold from the previous 1 carat limit.
The company has long adhered to stringent protocols through its Best Practice Principles and Pipeline Integrity standards, which ensure the traceability and provenance of its diamonds. These existing measures will continue to support De Beers’ customers in providing the necessary documentation to meet the tightened G7 restrictions.
De Beers has expressed strong support for the G7’s collaborative approach with industry stakeholders and diamond-producing nations. The company has praised the extension of the sunrise period, the emphasis on achieving full traceability, and the implementation of practical guidelines for “grandfathered” diamonds—those purchased before the restrictions on Russian diamonds were enacted.
In a move to further enhance its commitment to diamond traceability, De Beers has been actively expanding its Tracr blockchain platform. To date, the platform has registered over 2.6 million rough diamonds and 370,000 polished diamonds, offering a robust system for tracking the origin of diamonds across the supply chain.
Al Cook, CEO of De Beers Group, reaffirmed the company’s position, stating, “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.”