The United States is still pushing for a traceability component to be included in its sanctions on Russian diamonds, according to Brad Brooks-Rubin, senior adviser for the State Department’s Office of the Sanctions Coordinator. Currently, importers are required to “self-certify” that their polished diamonds are not from Russia, but the U.S. wants a more robust mechanism in place.
Speaking at the Gold + Diamond Conference in New York City, Brooks-Rubin emphasized the importance of traceability and ensuring banned Russian diamonds do not make their way into the market. The debate over a proposed traceability system has been heated, with some African governments criticizing the EU’s plan to designate Antwerp as the sole “rough node.”
The U.S. is working with other countries, including those in Africa, to find a fair and equitable way forward in keeping banned Russian diamonds out of the G7. The EU recently announced a delay in the implementation of its certification system, which the U.S. supports.
As the sanctions on Russian diamonds are set to be extended, the U.S. is also addressing the issue of “grandfathered” goods purchased before the sanctions took effect. The goal is to work with the industry to determine the best approach moving forward.
Overall, the United States is committed to preventing Russian diamonds from entering the market and ensuring transparency and traceability in the diamond trade.
