De Beers says G7 needs to consult industry on planned Russian diamond ban

Global diamond company De Beers on Thursday urged G7 leaders to debate plans to ban Russian diamonds from 2024 with governments and industry in major producing and processing countries to try to end protracted deadlock.

Group of Seven countries are this week expected to discuss four proposals prepared by Belgium, India, a French jewellery industry group and the World Diamond Council.

The differences between the proposals explain why a ban, in the works since 2022 as part of sanctions on Russia over its invasion of Ukraine, has been difficult to agree so far.

Russia is the world’s biggest producer of rough diamonds by volume, accounting for around 30% of the market.

In its letter to the G7 leaders, De Beers, a unit of diversified miner Anglo American, said it has been in discussions with government and industry stakeholders as part of the World Diamond Council proposal.

“Throughout our discussions two things have been clear: why we should do this is easy, but how we should do it is hard,” De Beers Chief Executive Al Cook said.

“We urge the G7 to engage with governments and industry in key producer countries such as Botswana, Namibia, South Africa and Angola and in key cutting centres such as India.”