DiamondBuzz
G7 traceability mechanism implementation delayed for a second time
Plans to support diamond sanctions on Russia with a blockchain-backed traceability mechanism have been delayed for a second time.The G7 and EU nations originally intended to implement the scheme on 1 September 2024, but in June 2024 it was put back to March 2025. And last week it was delayed again, until 1 January 2026.
The announcement was made last week in the 16th sanctions package against Russia, marking the third anniversary of its invasion of Ukraine.The postponement has been widely welcomed within the industry, where many feel the introduction would otherwise be rushed and poorly planned.
The Antwerp World Diamond Centre (AWDC) said an additional 10 months would give diamond companies time to prepare properly. The new sanctions package also requires diamond traders importing rough diamonds of mixed origin to present a Kimberley Process certificate listing all countries of origin “At this stage, there is still considerable uncertainty about how the traceability system will function and how it will be governed, and the G7 must first clarify these aspects,” said CEO Karen Rentmeesters
The World Federation of Diamond Bourses (WFDB) has committed a substantial budget in 2026 to promote natural diamonds globally, with a strategic focus on Millennials and Gen Z consumers. While the exact allocation remains undisclosed, the initiative builds on last year’s efforts, emphasizing digital and social media engagement. President Yoram Dvash highlighted early signs of recovery in the rough diamond market, including stabilizing prices and renewed demand in certain segments. The move reflects the industry’s intent to prepare for growth, strengthen consumer interest, and position natural diamonds for long-term expansion and relevance.
There are early signs of a reversal in the rough market following recent price corrections, demand has begun to strengthen, and, in some segments, premiums are again being observed. Industry also prepares for the opportunities that will follow: positioned for recovery, renewed demand, innovation and expansion into new markets
EKARAA Debuts Flagship Store in Mumbai
Bulgari Unveils Eclettica High Jewellery at Oscars 2026
Divine Solitaires strengthens partnership with Anopchand Tilokchand Jewellers to accelerate solitaire growth in Raipur
Malabar Gold & Diamonds Announces Major Expansion with ₹1,580 Crore Investment, set to open 20 new showrooms in March 2026
Precious Metals Face Macro Headwinds Amid Persistent Inflation and Geopolitical Uncertainty: AUGMONT BULLION REPORT
Gold, silver struggle amid Fed, oil uncertainty AUGMONT BULLION REPORT
-
National News2 days agoMalabar Gold & Diamonds Announces Major Expansion with ₹1,580 Crore Investment, set to open 20 new showrooms in March 2026
-
International News1 week agoPrecious Metals Face Macro Headwinds Amid Persistent Inflation and Geopolitical Uncertainty: AUGMONT BULLION REPORT
-
International News2 days agoGold, silver struggle amid Fed, oil uncertainty AUGMONT BULLION REPORT
-
National News2 days agoAs gold prices hit historic highs, gold loans surge
JewelBuzz is Asia’s First Digital Jewellery Media & India’s No.1 B2B Jewellery Magazine, published by AM Media House. Since 2016, we’ve been the trusted source for jewellery news, market trends, trade insights, exhibitions, podcasts, and brand stories, connecting jewellers, retailers, and industry professionals worldwide.