US implements self-certification for Russian diamonds: The US is now requiring self-certification from importers and exporters to ensure their diamonds are not of Russian origin, effective March 3rd [Source: Rapaport].
G7 sanctions and industry concerns: The G7’s latest sanctions plan aims to limit Russia’s ability to fund its war by restricting diamond trade. However, industry groups have voiced concerns that forcing rough diamonds through a single trading center in Belgium could create disadvantages [Source: Rapaport].
Diamond News, Market trends and sales:
De Beers sales drop but remain optimistic: De Beers reported a 24% year-over-year drop in rough diamond sales for Cycle 2 of 2023 compared to 2022. Despite this, they remain optimistic and project stable prices for FY2024 [Source: 24hourdiamondnews.com].
Debswana sets record in 2022: Debswana Diamond Company, a joint venture between De Beers and the Botswana government, saw record sales in 2022 due to increased global demand and the West’s avoidance of Russian stones [Source: The Diamond Loupe].
Other noteworthy developments: Diamond News
Technology advancements: The Gemological Institute of America (GIA) introduced a new scholarship program for high school students, and the International Gemological Institute (IGI) developed a method to identify lab-grown fancy colored diamonds from natural ones [Source: Rapaport].
