(MENAFN) The Group of Seven (G7) nations held a meeting in Tokyo, where they discussed sanctions on the Russian diamond industry, but failed to reach a consensus, as per a statement released by the foreign ministers on Wednesday. While the G7 reaffirmed its commitment to maintaining its sanctions policy against Russia in the context of the Ukraine conflict, the issue of Russian diamonds remained unresolved. Instead, they pledged to "accelerate our consultation on energy, metals, and all non-industrial diamonds, including those mined, processed, or produced in Russia."
The controversy surrounding the Russian diamond industry has been brewing for some time, with countries like the United States, the United Kingdom, Canada, and New Zealand either imposing bans or partial restrictions on imports of rough diamonds from Russia. The G7 and the European Union (EU) had been contemplating a broader ban that would go beyond direct purchases of Russian diamonds and encompass mechanisms to prevent indirect imports of rough gems originating from Russia.
Reports suggest that the countries are planning to establish a specialized tracking system that includes physical inspections of packages containing diamonds, along with mandatory traceability data for both diamond producers and traders. Earlier reports had indicated that the G7 and the EU were set to outline these measures by the end of October, with the ban expected to be incorporated into the 12th package of the EU's anti-Russia sanctions and enforced by the G7 by January 1, 2024. However, as of the recent meeting in Tokyo, a consensus on this issue remained elusive.
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