De Beers Group has confirmed its readiness to comply with the latest phase of G7 diamond import restrictions, which came into effect on 1 September.
The updated regulations extend the restrictions to include diamonds of 0.5 carats and above, reducing the previous threshold from 1 carat.
Provenance Assurance
To meet the new requirements, De Beers is using its Best Practice Principles and Pipeline Integrity standards, which have provided provenance assurances for its diamonds for several years. With the expanded G7 restrictions, De Beers’ rough diamond customers can continue to provide evidence of diamond origin for stones now falling under the 0.5-carat threshold.
Support for Industry-Wide Traceability
De Beers has expressed support for the G7’s collaborative efforts with industry stakeholders and diamond-producing countries. The company specifically acknowledged the extension of the sunrise period, which allows for smoother implementation, and the practical approach to ‘grandfathered’ diamonds—those purchased before the restrictions on Russian diamonds were introduced.
Al Cook, CEO of De Beers Group, stated: “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.”
Expansion of Tracr Blockchain Platform
In line with its focus on diamond traceability, De Beers reported that its Tracr blockchain platform is expanding. To date, 2.6 million rough diamonds and 370,000 polished diamonds have been registered on the platform, supporting transparency in the diamond supply chain.
Industry implications
The expansion of G7 import restrictions highlights the growing importance of diamond traceability and ethical sourcing in the industry. Jewellers will need to ensure compliance with these requirements, particularly in verifying the provenance of smaller stones. The use of platforms like Tracr may become increasingly relevant for meeting these obligations.
