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
Rising Inventory Putting Fresh Pressure On Polished Diamond Prices
Indian Manufacturers Are Shuttering Factories For Up To A Month For Diwali, Dampening Rough Demand and Dragging Down De Beers’ October Sight Sales.
Rising inventory is putting fresh pressure on polished diamond prices following a strong mid-year recovery. The Rapaport Spec Diamond Index (RAPI™) dropped across major smaller sizes in October—led by a 5.5% plunge in 0.30-carat stones and a 2.3% slide in 0.50-carat goods after late-September peaks.
Mid-sized 1-carat diamonds edged down 0.9%, while larger 3-carat stones bucked the trend with a modest 0.9% gain. Despite the retreat, 0.30-carat diamonds remain up 8.8% year-to-date.
Inventory Floods Small Sizes: Supply of 0.30-carat rounds surged 165% between June 1 and November 1, driven by ramped-up factory production and cutters sending smaller stones back for grading as prices recovered.
Rough Sales Slow Ahead of Diwali: Indian manufacturers are shuttering factories for up to a month for Diwali, dampening rough demand and dragging down De Beers’ October sight sales. Industry observers expect the holiday pause to help balance bloated inventories.
Luxury Brands Outshine the Trade: While upstream pricing softens, major luxury conglomerates continue to thrive. LVMH and Kering posted robust Q3 jewelry revenue, setting high expectations heading into the critical holiday shopping window.
Rising Inventory Putting Fresh Pressure On Polished Diamond Prices
Indian Natural Diamond Industry’s Revenues Projected To Stabilize: CRISIL Ratings
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