The G7 political bloc

Upon inception, the group had a mandate of curbing the instability of oil prices as the world was plunged in a global energy crisis following disruptions caused by decisions by oil producing countries. Over the years, this role has progressively changed and now the Group of 7 presides over the coordination of economic policy and other global issues of interest to them.

The G7 commands a cumulative GDP share of 40% of the world’s total economic output, marking itself as a block of affluent and elite nations. The economic affluence enables the nations to be the leading purchasers of luxurious goods such as diamonds.