Industry members and government officials involved in the discussions over Russian diamond sanctions expect that a full traceability regime won’t be implemented by the current March 1 deadline.The European Union (EU) had already postponed its plan to require origin information for every diamond of 0.5 ct. or more from Sept. 1, 2024, until March 1, 2025. And now it looks like the plan won’t be ready by March 1 either.
Sources say the process has become jammed up with technological issues, knotty policy debates, and a new administration in the United States. It’s generally agreed that the technology for full traceability isn’t there yet, at least on the scale envisioned by the G7. Trials have shown it’s possible to track rough diamonds; however, implementing a global system that offers true rough-to-polished traceability remains a challenge, sources say. A number of producing countries, including Botswana and Namibia, have been tapped to set up “rough nodes,” but that’s very much a work in progress.
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