The announcement came on 23 February, with the EU detailing a 16th package of sanctions designed to pressure Russia in response to the conflict in Ukraine.
The EU has delayed the deadline to 1 January 2026, a second extension for the introduction of a system mandated by the G7 in December 2023.
It was said that a ‘robust traceability-based verification and certification mechanism’ would be installed by 1 September 2024. That timeline was extended in June 2024, with a new deadline of 1 March 2025 noted.
“Addressing governance issues associated with the traceability system will require ongoing cooperation with the G-7 and third countries,” the latest EU statement reads.
“In order to further the facilitation of the implementation of those measures and continued engagement with the G7 and third countries, continued monitoring of the level playing field among G7 partners with regard to diamond-related measures should be conducted.”’
CEO of the Antwerp World Diamond Centre, Karen Rentmeesters, said there was still much confusion around this proposed system.
“At this stage, there is still considerable uncertainty about how the traceability system will function and how it will be governed. Diamond companies now have much-needed time to adequately prepare for its implementation in their daily operations,” she said.
“Russia continues to export large volumes of diamonds to countries outside the G-7, which allows them to still enter the polished diamond markets. To prevent the European diamond sector from being disproportionately disadvantaged once again, a level playing field within the G7 is essential.”
As reported by National Jeweler, the Jewelers of America released a statement praising the EU’s decision to once again delay the tracing system, emphasising the importance of a fair and realistic system.
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