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
Botswana has stockpiled nearly twice its government-allowed diamond inventory limit of 6.5 million carats, reaching 12 million unsold carats due to weak demand and inability to sell rough diamonds at fair prices.
In its 2026/27 Budget Strategy Paper, the Finance Ministry projects stable short-term production until inventories drop closer to minimum levels, freeing capacity for growth. Production fell 3.2% in the first nine months of 2025 to 13.3 million carats.
The ministry highlighted broader economic risks: a non-diamond sector slowdown reveals heavy government reliance and private sector dependence on public demand. High inventories underscore urgency to diversify beyond diamonds, which drive ~80% of exports and up to 30% of GDP.
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