The American company Rapaport, which owns the largest diamond trading platform in the United States, RapNet, criticized the approach of the G7 (Big Seven) countries to the certification and tracking of rough and polished diamonds as part of anti-Russian sanctions, reports “Vedomosti” citing a letter that the company sent to 7,000 market participants around the world.
The founder and head of Rapaport, Martin Rapaport, believes that the requirements for mandatory traceability of the origin of rough diamonds, which the G7 is going to implement, are unnecessary and redundant.
Instead of the mechanism developed by G7, the company offers its own “Diamond Protocol”. It includes the signing of a declaration between importers and exporters of diamonds in the United States, confirming that the supplied diamonds did not originate in the Russian Federation. The right to check the sources of supplies of stones in the United States should be vested in government agencies of this country, the letter says. There should be no checks of diamonds after crossing the US border, Rapaport emphasizes. If the G7 does not listen to the company’s opinion, the entire American diamond market may be at risk: the flow of precious stones to the G7 countries will be significantly reduced, and their prices will inevitably rise.
A ban on the import of non-industrial diamonds mined, processed or produced in Russia became part of the 12th package of EU sanctions. The restrictions came into force on January 1, 2024. In addition, from March 1, EU countries will begin to gradually limit the import of Russian diamonds processed in third countries. February 8 on the ban on the import of diamonds from Russia announced also USA.
Read more about the 12th package of sanctions against Russia in the material “Remove after defrosting”.