US Sanctions On Russia Threaten Natural Diamonds – De Beers

De Beers say sanctions pose risk of unintended consequences for natural diamonds Warns African producers may encounter hurdles in exporting to the US But sees reopening of China as opportunity for increased demand On the occasion to mark the first anniversary of the Russian war in Ukraine in February 2023, the US indicated an intention to impose fresh economic sanctions on Russia. These new sanctions will cover all precious stones regardless of where they have been cut and polished. [ihc-hide-content ihc_mb_type="show" ihc_mb_who="1,2,3,4" ihc_mb_template="1" ] Further, the US issued a statement in partnership with G7 countries (Canada, France, Germany, Italy, Japan, the UK, and the United States) that they will collectively develop further measures on all natural diamonds to stem the import of Russian diamonds into the G7 countries. Though these measures have yet to be determined, De Beers Executive Vice President, Diamond Trading, Paul Rowley, says they will be applied to all natural diamonds entering G7 countries, thereby creating uncertainty in the market and the financial sector with regard to the future of natural diamonds in the largest consumer market. Rowley told journalists at a recent market update that additional measures will ultimately impact all natural diamonds, noting that there is a potential risk all round. “There is a risk of unintended consequences in confidence for natural diamonds,” said Rowley, adding that this too will affect African producers if the import of natural diamonds into the G7 countries becomes too cumbersome. According to Rowley, establishing effective provenance tracing processes for smaller-sized diamonds will be very difficult. “Segregation of melee is highly complex,” he said. “Since the start of the war, De Beers has worked with Sightholders, industry, our brands, and large brand houses to provide De Beers’ produced melee via segregated supply chains that are third-party audited. However, this is small, new and requires a lot of effort.” Rowley said De Beers has been engaging with the US government to understand the situation and to share information on its proprietary and industry-leading Tracr and Pipeline Integrity (PI) initiatives. He says De Beers is well-positioned to address these risks, having long been aware of the importance of provenance and traceability to protect consumer confidence as well as the value of natural diamonds. De Beers started with the launch of Pipeline Integrity (PI) Specification in 2008 followed by the establishment of Tracr™, the world’s first blockchain-backed diamond source platform at scale in 2018. In 2022, De Beers announced plans to register the majority of the value of its diamonds on the platform. It has been revealed that to-date over one million rough diamonds have been registered on Tracr at source. Rowley told the media that De Beers has engaged with key governments on ensuring requirements do not impact African diamond producers. In addition, the diamond group has engaged with industry across the entire supply chain to ensure alignment and protect consumer confidence in natural diamonds. “We have developed key solutions for our production and the wider industry, for this purpose, and more to come,” he said. While uncertainty remains, Rowley said De Beers has learned lessons that the world can change quickly and unexpectedly, hence it is looking forward with some cautious optimism. “The demand for diamonds remains very strong across all generations,” Rowley declared. “We are slightly pessimistic about the second half,” he said. “We need to be agile.” Even so, he stated that the reopening of China provides an opportunity for demand to increase. [/ihc-hide-content]

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US Sanctions On Russia Threaten Natural Diamonds – De Beers

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