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EU goes ahead with contested diamond move

Friday, January 12, 2024 | 1050 Views |

Joint forces: Moagi and Cook have spoken out against the G7 move

The European Union (EU) says all G7 members will implement a direct ban on Russian diamonds from the beginning of March and establish a single node in Antwerp to verify all imports – the latter a move strongly resisted by African producers such as Botswana.

Under the move, the G7 wants all global rough diamond production shipped Antwerp for certification that the stones are not of Russian origin, something described by Minerals and Energy minister, Lefoko Moagi, as “market swallowing”.

The G7 or Group of Seven represents most of the world’s richest economies and the major market for diamond jewellery, meaning their decisions reverberate across producer nations such as Botswana.

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EU goes ahead with contested diamond move

The European Union (EU) says all G7 members will implement a direct ban on Russian diamonds from the beginning of March and establish a single node in Antwerp to verify all imports – the latter a move strongly resisted by African producers such as Botswana.