The G7’s strategy hinges on preventing Russian gemstones from entering Western markets by implementing a system that can accurately track the origin of diamonds. This was initially slated for introduction in September 2024, following the initial sanctions in January 2024. However, the timeline has faced significant delays, first pushed to March 2025 and subsequently to January 2026. This postponement was largely welcomed by the diamond industry, which expressed concerns that a rushed implementation of traceability technology could lead to operational disruptions and inefficiencies.  

Karakchiyev seized upon these delays and the lack of a viable technological solution, directly criticizing the understanding of the US and EU officials regarding the intricacies of the diamond industry and the complexities of imposing unified sanctions. He highlighted the absence of a “technical solution” for tracing, which the G7 itself identified as a key condition for the sanctions to be effective.  

This situation presents a significant challenge to the G7’s geopolitical strategy. Without a reliable method to verify the origin of diamonds, Russian stones can potentially enter Western markets through indirect routes, undermining the intended impact of the sanctions. The delays in implementing traceability technology raise questions about the feasibility and effectiveness of using such measures in the complex global diamond trade.  

For the diamond industry, the postponement of traceability implementation offers a temporary reprieve from potential disruptions. However, it also underscores the ongoing debate surrounding the practicality and cost-effectiveness of different tracing solutions. The industry remains wary of solutions that could add significant costs or complexities to the supply chain without demonstrably achieving their intended goal of preventing the trade of sanctioned goods.

Pyotr Karakchiyev, head of international cooperation at Alrosa, asserted that the sanctions lack the crucial underpinning of robust traceability technology, rendering them largely toothless. Speaking at the Khozaktiv-2025 corporate forum in Astana, Kazakhstan, Pyotr Karakchiyev stated, “The sanctions that our adversaries dreamed up were supposed to affect us in a big way but they are not achieving the necessary effect, at least for them.” He further claimed that no other country possesses the capacity to offer the same diverse range of rough diamonds as Russia.

Looking ahead, the effectiveness of future sanctions on Russian diamonds will likely depend heavily on the successful development and implementation of a reliable and widely adopted traceability system. Until such a system is in place, Alrosa’s assessment of the current sanctions as “ineffective” appears to hold weight, highlighting a critical gap in the G7’s strategy to pressure the Russian economy through the diamond sector. The industry will be closely watching the progress towards a viable traceability solution and its potential impact on global diamond trade flows.  

The Young Diamantaires, a vibrant and rapidly growing collective of diamond and jewelry professionals, has officially transitioned into a formal industry association. Based in Dubai, the organization now boasts a diverse membership of over 500 individuals across 25 countries. This development marks a significant step in the group’s evolution and further positions it as a forward-thinking force within the global diamond industry.

Founded in 2016 during the 37th World Diamond Congress in Dubai, the Young Diamantaires began as a discussion group with a mission to empower the next generation of industry leaders. With a strong emphasis on creativity, innovation, and inclusivity, the association is committed to driving positive change through professional development, sustainability, ethical practices, and the exploration of new opportunities in the diamond and jewelry sectors.

n a landmark move, the group has now been formally established as an industry association. This official recognition underlines its long-term commitment to shaping the future of the diamond industry. The announcement was accompanied by the election of its inaugural board of directors, comprising prominent leaders from key industry bodies across various countries:

David Troostwyk – President, London Diamond Bourse (LDB),Elodie Daguzan – Executive Director, World Diamond Council (WDC),Kevin Vantyghem – President, Vantyghem Diamonds,Melissa Smet – Executive Director, Syndicate of the Belgian Diamond Industry (SBD),Mike Asscher – President, Royal Asscher Diamonds,Rachel Sahar – Founder, R Sahar Diamonds,Shai Schnitzer – President, S Schnitzer Diamonds

This leadership team reflects the association’s global outlook and its commitment to representing diverse voices within the diamond community.

The Young Diamantaires represents a new generation of industry professionals united by a shared passion for diamonds as both a livelihood and a cultural cornerstone. Its members span continents and cultures, embodying a wealth of perspectives that contribute to its dynamic approach to problem-solving and industry development.

The formal establishment of the Young Diamantaires as an industry association marks a pivotal moment for the next generation of diamond professionals. With a strong foundation in innovation, ethics, and global collaboration, the organization is well-positioned to lead transformative efforts in the diamond and jewelry industry, ensuring its relevance and resilience for years to come.

De Beers has unveiled its new flagship boutique in Dubai Mall, marking a significant expansion into the UAE in partnership with Chalhoub Group. Rooted in over a century of diamond expertise, the store showcases the brand’s iconic collections—including Talisman, Enchanted Lotus, and RVL—alongside one-of-a-kind high jewellery pieces. Inspired by nature and blending Southern African heritage with London design, the boutique offers a luxurious, immersive space that celebrates De Beers’ legacy and craftsmanship.

Drawing on diamond expertise stretching back to 1888, the jewellery house marks life’s gradual evolution with meaningful creations. Just as rough diamonds are transformed into exquisite De Beers jewellery, the house honours the heartfelt moments, big and small, that define who we become.

Situated on the ground floor of the prestigious Dubai Mall in downtown Dubai, the new boutique takes design cues from the De Beers flagship on London’s Old Bond Street. Resplendent in the house’s signature shades of blue, white and orange, the furnishings and decorations have been chosen to represent locations close to De Beers’ heart. The boutique is designed to foster connections between clients and Brand Ambassadors, with a combination of open-plan space to explore the collections and intimate private areas. A bespoke lighting system was developed to showcase the fire, life and brilliance of each De Beers diamond.