Diamonds may be forever, but not when it comes to imports from Russia into the European Union.
Russia is the biggest producer of rough diamonds cut from hundreds of mines beneath the Siberian permafrost, where a third of the world’s diamond supply comes from.
Now the European Commission has proposed extending to diamonds a series of sanctions imposed on Russia since its full-scale invasion of Ukraine.
The move is part of the EU’s 12th round of measures against Moscow, due to come into effect in January. It is linked to the G7, which is also discussing a ban.
Since 2022, EU sanctions have covered Russian coal, gas, gold, vodka and even caviar.
But diamonds mined in Russia’s north-east are still used in engagement rings, necklaces and earrings all over the world.
The EU has until now avoided a ban, largely because Belgium has been keen to protect the city of Antwerp: the diamond capital of the world.
The Flemish-speaking port city has been a diamond hub since the 15th Century. More than 80% of all rough diamonds mined across the globe are traded here, and before the war one in four of them came from Russia.
The cobbled streets of Antwerp’s diamond district are lined with shops, their windows filled with sparkling jewellery. There are security cameras everywhere, in an area of about one square mile.
Source: bbc.com
