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“We are deeply concerned that efforts by the G7 group… will harm our trade. If improperly implemented, compliance regulations will force small companies out of business, reduce fair market competition, restrict US access to non-sanctioned diamonds and restrain US trade,” said Rapaport.Diamond giant De Beers, now a subsidiary of Anglo American, and Botswana's state-owned Okavango Diamond Company have also sounded the alarm. 💬 "Effectively (African producers) would be forced to send all their diamonds in one direction rather than choosing... (and) ethical African diamonds would become much more expensive," warned De Beers CEO Al Cook. In December, 2023, the Group of Seven (G7) major industrial countries announced a direct ban on diamonds from Russia, the world’s top producer of rough diamonds, starting from January 1. That was to be followed by “phased restrictions on the import of Russian diamonds processed in third countries targeting March 1, 2024.” G7 countries importing rough diamonds are obliged to establish "a robust traceability-based verification and certification mechanism for rough diamonds" by September 1, 2024. Subscribe to @geopolitics_live
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