Canada bans indirect imports of Russian diamonds

Image: ALROSA

The Canadian government has restricted indirect imports of Russian diamonds weighing 1 carat and more in a coordinated move with other Group of Seven (G7) countries.

The latest restriction adds to a ban on Russian diamonds announced in December and will provide Canadians “additional assurance that the diamonds that they purchase are not supporting Russia’s illegal war,” the Canadian foreign ministry said in a statement on Friday.

“Canada has been at the forefront of imposing economic barriers on the Putin regime since he launched his brutal full-scale illegal invasion of Ukraine, which caused devastating losses to Ukrainians,” said Mélanie Joly, Canada’s Minister of Foreign Affairs. “Along with our allies and partners, we have imposed severe sanctions on the Russian regime, and we will continue to do so to hold Putin and his enablers to account.”

Russia is the world’s largest rough diamond producer with 2022 output valued at about $4.7 billion. It is also a significant global exporter of polished diamonds and diamond products, with the value of its total exports exceeding $5.2 billion.

G7 countries represent 70% of the world diamond market.

Read More: Diamond producers warn of pitfalls in G7’s Russia gem ban

Following Russia’s full-scale invasion of Ukraine in 2022, Canada sanctioned Russia’s state-owned diamond company Alrosa.

Canada also revoked Russia’s most-favoured nation status, which effectively imposed a 35% tariff on imports of Russian goods. Their value plunged to $13,440 for the first eight months of last year compared with $327,224 for all of 2022, the foreign ministry said. 

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