De Beers poised to comply with expanded G7 diamond restrictions 

In addition to its support for these new measures, De Beers is enhancing its commitment to diamond traceability through its Tracr blockchain platform 

Mumbai: De Beers has affirmed its readiness to adhere to the expanded G7 import restrictions on Russian diamonds, effective September 1. The new regulations now apply to diamonds of 0.5 carats and above, a decrease from the previous threshold of 1 carat. 

The company has long implemented rigorous standards through its Best Practice Principles and Pipeline Integrity programmes, which ensure the provenance of its diamonds. These protocols will continue to support De Beers’ customers in proving the origin of their diamonds, even with the tightened restrictions. 

De Beers has voiced strong support for the G7’s collaborative approach with the industry and diamond-producing nations. The company has praised the extension of the sunrise period, the emphasis on achieving complete traceability, and the practical measures for handling diamonds purchased before the Russian supply restrictions took effect. 

In addition to its support for these new measures, De Beers is enhancing its commitment to diamond traceability through its Tracr blockchain platform. The platform has now registered over 2.6 million rough diamonds and 370,000 polished diamonds. 

Al Cook, CEO of De Beers Group, stated, “De Beers fully supports the G7’s efforts to prohibit the trade in Russian diamonds. We are committed to collaborating with the G7, the diamond industry, and our partner governments to ensure an effective system is in place.” 

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