DiamondBuzz
EU adds key exemptions to Russian diamond sanctions
The European Union has extended the “sunrise period” for sanctions on Russian diamonds by six months and added an important concession for goods that predate the rules.
The European Union has extended the “sunrise period” for sanctions on Russian diamonds by six months and added an important concession for goods that predate the rules. The traceability program for imports of rough and polished natural diamonds will become mandatory on March 1, 2025, and not on September 1, 2024, the EU stated.
The extension’s purpose is “to allow more time to set up the G7 traceability scheme,” the EU said in its questions and answers.This follows calls by De Beers and other industry figures to extend the interim period, during which importers may use other documentation to show that diamonds are not Russian.
The decision by the European Union on 24 June to defer its stricter sanctions on the import of Russian diamonds to March 2025 came as a big relief to the Indian diamond industry, particularly the polishing sector. India imports more than 30 percent of rough diamonds from Russia for cutting and polishing.
DiamondBuzz
Lesotho’s Kao Diamond Mine To Halt Operations Amid Industry Slump
The Mine’s Operator, Storm Mountain, Cited A Severe Financial Crisis Driven By A Prolonged Drop In Global Rough-diamond Prices, Rising Middle East Conflict
Lesotho’s largest diamond mine, Kao, will cease operations on June 30 and transition to care and maintenance. The mine’s operator, Storm Mountain, cited a severe financial crisis driven by a prolonged drop in global rough-diamond prices, rising Middle East conflict-related fuel costs, and stiff competition from lab-grown diamonds.
Despite a warning last October that the mine required $13 million in fresh capital to survive, the necessary investment did not materialise. According to CEO Neo Hoala, the steep market decline made continued operations unsustainable. The shutdown will impact roughly 750 workers.
The mine’s financial downturn is stark: in 2024, Storm Mountain sold 250,000 carats for $50 million—a massive drop from its $105 million revenue in 2022. Kao’s suspension reflects a broader crisis in the diamond sector, following recent insolvencies and closures at Canada’s Ekati mine and South Africa’s Ekapa and Finsch mines.
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