De Beers Questions Practicality of G7 Sanctions

By John Jeffay / December 26, 2023 / www.idexonline.com / Article Link

(IDEX Online) - Al Cook, CEO of De Beers Group, says the G7 sanctions on Russian diamonds, due to take effect next week, may prove impractical to implement."With the best will in the world, the average customs agent will not be able to look at one diamond and another diamond and go, 'That's the Russian one'," he said in an interview with the Financial Times.Cook (pictured) questioned the effectiveness of tracking system has yet to will be used to police the sanctions. The G7 nations say some kind of a traceability solution will be adopted in September 2024, but have yet to provide further details.Belgium wants mandatory third-party blockchain technology to certify the provenance of all polished diamonds above 1.0-ct and all rough over 1.4-ct. The World Diamond Council wants a self-regulated ban, with spot checks, on +1.0-ct goods, with sellers declaring they were not Russian, and setting up mechanisms to segregate them from non-Russian stones.

Recent News

Gold stocks propelled by gain in metal and equities

May 13, 2024 / www.canadianminingreport.com

Big Gold producers report strong Q1/24 results

May 13, 2024 / www.canadianminingreport.com

Gold stocks decline as metal drop offsets equity risk on

May 06, 2024 / www.canadianminingreport.com

Canadian mining equity capital raising robust in 2023, early 2024

May 06, 2024 / www.canadianminingreport.com

Gold stocks gain even as metal price pulls back

April 29, 2024 / www.canadianminingreport.com
See all >
Share to Youtube Share to Facebook Facebook Share to Linkedin Share to Twitter Twitter Share to Tiktok