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
DiamondBuzz
Kylie Jenner Debuts At Victoria’s Secret Show In $50 Million Fantasy Bra By Jacob & Co.
Kylie Jenner Walks The Ramp In Bra Crafted By Jacob & Co. From 4,410 Natural Diamonds Surrounding A 75.54-Carat Radiant-Cut Fancy Vivid Yellow Diamond
This year, the famous Fantasy Bra returned to the runway for the first time since 2018. Made by New York jeweler Jacob & Co., it costs $50 million—making it the most expensive Fantasy Bra ever and about $35 million more expensive than any previous version.
Making her Victoria’s Secret Fashion Show runway debut,Kylie Jenner wore the show-stopping bedazzled bra, a gauzy white mini skirt and expansive white feathered angel wings.
The bra features 4,410 natural diamonds set around a large, bright yellow 75.54-carat diamond. A team of 15 craftspeople spent over 1,000 hours creating the piece, which weighs just under two kilograms (about 4.4 pounds).
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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.