De Beers and Botswana opposed the G7 ban on trade in diamonds from the Russian Federation

One of the world leaders in diamond mining, the international corporation De Beers and the Botswana Okavango Diamond Company expressed their dissatisfaction with the decision of the G7 group to ban trade in Russian diamonds.

According to City Press, De Beers and ODC are calling on the G7 to carefully assess the negative consequences of the second phase of restrictive measures related to Russian diamonds. They warn of a possible sharp increase in the price of African diamonds, which would create an unwanted impact on the market.

The G7 countries announced in December a ban on trade in Russian diamonds from January 1, and also plan to introduce restrictions on the import of these raw materials through third countries from March 1. A new system for tracking the origin of diamonds is planned to be introduced in September. However, it is still unclear how and where the origin of diamonds will be verified. The newspaper indicates that Belgium supports the candidacy of Antwerp, the world’s main diamond processing center.

Botswana has also expressed its position on this issue.

“Our position is clear that whatever measures are developed, we must be sure that they will not lead to undesirable consequences that will drag us back,” the newspaper quoted ODC managing director Mmetla Masire as saying.

It was previously reported that the Ministry of Foreign Affairs of the Russian Federation is actively working on a response to the sanctions that were imposed by the European Union against Russian diamonds. More about this read the material Public News Service.

Message De Beers and Botswana opposed the G7 ban on trade in diamonds from the Russian Federation appeared first on Public news service.

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