19 October 2023, 6:20 pm 1 minute
Reuters exclusively reported that 7 countries will this week discuss four plans to ban Russian diamonds from G7 markets from Jan. 1, from light-touch self-regulation to strict import measures, laying bare differences that explain why a ban has been so difficult to agree for more than a year.
A G7 ban would hit Russian diamond exports badly because G7 countries – United States, Canada, Japan, Germany, Britain, Italy and France – account for 70% of global diamond demand. But it would also hit supply, because Russia is the world’s biggest producer of rough diamonds by volume, accounting for 30% of them.
Topics of Interest: Government
Type: Reuters Best
Sectors: Commodities & EnergyGovernment & Public Services
Win Types: Exclusivity
Story Types: Exclusive / Scoop
Media Types: Text
Customer Impact: Significant National Story