Jewellery industry braces itself for new sanctions from G7 nations to block imports of Russian diamonds
The diamond industry is bracing itself for new sanctions from the G7 nations that would block the import of jewels mined in Russia. Britain, Canada, France, Germany, Italy, Japan and America’s looming blockade on the gemstones is part of further Western sanctions set to be imposed on the pariah nation amid president Vladimir Putin’s ongoing bombardment of Ukraine. It is likely to cause havoc in the diamond industry as jewellery shoppers may see prices soar if there is a shortage of non-Russian diamonds after more sanctions are imposed. Paul Zimnisky, a diamond industry analyst based in the New...