The global diamond industry is preparing for new sanctions from the G7 nations and the European bloc that would ban the import of gemstones mined in Russia, including those cut and polished in other countries. The current US sanctions only cover rough Russian diamonds or those cut and polished inside Russia, allowing a loophole for Indian gems. However, the new sanctions would aim to target Alrosa and Russia’s diamond revenues.
Source: How G7 sanctions on Russian diamonds could affect global market
