De Beers prepares for next phase of G7 diamond import requirements

De Beers Group has confirmed that it is fully prepared to meet the requirements that now extend to diamonds of 0.5 carats and above, following the expansion of G7 import restrictions on Russian diamonds on 1 September 2024.

De Beers’ proprietary Best Practice Principles and Pipeline Integrity standards have long provided assurance on the provenance of its diamonds.

With these programmes, De Beers’ rough diamond customers will continue to be able to provide evidence of diamond provenance as the size threshold included in the G7 import restrictions reduces from 1 carat to 0.5 carats.

De Beers has welcomed the moves that the G7 has made to work with industry and diamond producing countries, with an extension of the sunrise period, a focus on the end goal of traceability and the implementation of a practical approach for ‘grandfathered’ diamonds purchased before the introduction of restrictions on Russian supply.

De Beers is committed to diamond traceability, and its Tracr blockchain platform is expanding at pace, with 2.6m rough diamonds and 370,000 polished diamonds now registered.

This comes after the group stated that by 1 September 2024 it aims to upload all its gem-quality rough diamonds of 1 carat and above (equivalent to 0.5 carat polished) onto Tracr.

Al Cook, De Beers Group CEO, said: “De Beers fully supports the work being carried out by the G7 to prohibit the trade in Russian diamonds and we are committed to working with the G7, the diamond industry and our partner governments to ensure there is an effective system put in place.”