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G7 bans direct import of Russian diamonds from Jan. 1

BRUSSELS, Dec 6 (Reuters) - The Group of Seven countries (G7) announced a direct ban on Russian diamonds starting Jan. 1 followed by restrictions on indirect imports of Russian gems from around March 1, a statement said on Wednesday.

The G7 has been weighing various proposals for how to restrict the import of Russian diamonds and the European Union has proposed a package that includes a diamond ban but was waiting for coordination from the G7 to move forward.

The G7 will phase in restrictions on indirect imports from a targeted date of March and introduce a "robust traceability-based verification and certification" mechanism for rough diamonds within the G7 by Sept. 1, 2024. The ban excludes diamonds for industrial use. (Reporting by Julia Payne and Kylie MacLellan Editing by Chris Reese)

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