Russian Gems in Diamond Trade: Shunned or Banned?

Western powers are considering a formal ban on Russian gems, but it may face challenges due to Russia's status as a major supplier of high-quality diamonds. Major Western jewelers have already distanced themselves from Russia's diamond trade, with imports of Russian rough diamonds now at less than 5% of pre-war levels. The G7 is discussing four proposals to ban Russian diamonds from G7 markets, ranging from self-regulation to strict import measures. Belgium, a major trading hub for diamonds, supports a ban as part of sanctions against Russia's war against Ukraine.