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
Gold and silver surged on Thursday morning, clawing back losses from Wednesday’s sharp drop. The rally was fueled by short-covering (investors closing out bets that prices would fall) and dropping oil prices linked to the newly published US-Iran interim agreement.
Key Market Levels:
- Spot Gold: Up 1.4% to $4,316.42/oz.
- Spot Silver: Jumped 1.8% to $69.18/oz.
- Platinum: Gained 1.2% to $1,757.53/oz.
Local Indian Spot Prices (22K Gold: Rs. 14,060 / gram, 18K Gold: Rs. 11,770 / gram, Pure Silver: Rs. 270 / gram.
The US and Iran published a 14-point interim accord, extending their ceasefire by 60 days. While President Trump issued stern warnings regarding compliance, the temporary stabilization dragged oil down, easing inflation fears and prompting a swift recovery in metals.
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