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De Beers Group confirms preparedness for next phase of G7 diamond import requirements

De Beers Group

02 Sep 2024

With the expansion of G7 import restrictions on Russian diamonds on 1 September, De Beers Group is fully prepared to meet the requirements that now extend to diamonds of 0.5 carats and above.

De Beers’ proprietary Best Practice Principles and Pipeline Integrity standards have long provided assurance on the provenance of its diamonds. With these programmes, De Beers’ rough diamond customers will continue to be able to provide evidence of diamond provenance as the size threshold included in the G7 import restrictions reduces from 1 carat to 0.5 carats.

De Beers welcomes the moves that the G7 has made to work with industry and diamond producing countries, with an extension of the sunrise period, a focus on the end goal of traceability and the implementation of a practical approach for ‘grandfathered’ diamonds purchased before the introduction of restrictions on Russian supply.

De Beers is committed to diamond traceability, and its Tracr blockchain platform is expanding at pace, with 2.6m rough diamonds and 370,000 polished diamonds now registered.

De Beers Group CEO Al Cook said: “De Beers fully supports the work being carried out by the G7 to prohibit the trade in Russian diamonds and we are committed to working with the G7, the diamond industry and our partner governments to ensure there is an effective system put in place.”

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About DeBeers Group

Established in 1888, De Beers Group is the world’s leading diamond company with expertise in the exploration, mining, marketing and retailing of diamonds. Together with its joint venture partners, De Beers Group employs more than 20,000 people across the diamond pipeline and is the world’s largest diamond producer by value, with diamond mining operations in Botswana, Canada, Namibia and South Africa. Innovation sits at the heart of De Beers Group’s strategy as it develops a portfolio of offers that span the diamond value chain, including its jewellery houses, De Beers Jewellers and De Beers Forevermark, and other pioneering solutions such as diamond sourcing and traceability initiatives Tracr and GemFair. De Beers Group also provides leading services and technology to the diamond industry in the form of education and laboratory services via De Beers Institute of Diamonds and a wide range of diamond sorting, detection and classification technology systems via De Beers Group Ignite. De Beers Group is committed to ‘Building Forever,’ a holistic and integrated approach for creating a better future – where safety, human rights and ethical integrity continue to be paramount; where communities thrive and the environment is protected; and where there are equal opportunities for all. De Beers Group is a member of the Anglo American plc group. For further information, visit www.debeersgroup.com.