OTTAWA, March 2 – Canadian Minister of Foreign Affairs Melanie Joly announced that Canada is implementing additional import restrictions on Russian diamonds. This decision follows the country’s December 2023 ban on diamonds and diamond-related products from Russia, targeting indirect imports of Russian diamonds weighing 1 carat and above.
Joly stated, “It is consistent with the commitments made in February, May, and December 2023 by the G7 leaders to reduce revenues from the export of non-industrial diamonds from Russia.” The move aligns with the global efforts to curb the flow of Russian diamonds into the market, as outlined in a report by Xinhua news agency.
Russia holds the title of the world’s largest rough diamond producer and is a key player in the global diamond trade. With total exports exceeding nearly 5.2 billion Canadian dollars ($3.8 billion) in 2022, the country significantly contributes to the international diamond market. The G7 countries, collectively representing 70% of the world’s diamond market, are taking unified steps to address this issue.
The new import restrictions imposed by Canada highlight the ongoing efforts to limit the impact of Russian diamonds on the global market. As part of a broader strategy to deter the export of non-industrial diamonds from Russia, this measure underscores the commitment of G7 nations to address this challenge collectively. The statement issued by Minister Joly underscores the significance of this decision in the context of international efforts to regulate the diamond trade.
