G7 governments



The Manila Times


Financial Times

disruption caused by lab-grown diamonds. The proposals would involve Indian industry continuing the tracing process, potentially increasing their costs. Both rough and polished diamonds would be certified and customs officials would be able to block imports of any uncertified products to G7 countries. “Adding traceability with physical controls will allow us to cut off Russian rough diamonds” from the G7 and EU, the Belgian officials said. The measures would apply initially to 1-carat diamonds but officials expected them to expand to smaller diamonds. Any changes would be a shift from the current system of tracking diamonds, where customs officers only require a government-issued certificate guaranteeing that the stones meet the requirements of the UN-backed trade regime called the Kimberley Process. G7 nations have complained that the Kimberley Process does not classify gemstones from Russia as “conflict” diamonds since it only prevents the sale of diamonds mined used to fund insurgencies against governments, and not wars perpetrated by governments. The Kremlin did not immediately respond to a request for comment on the G7’s proposals.