December 5, 2024
Economy

Botswana and Angola joined the G7 plan to oust the Russian Federation from the diamond market

Botswana and Angola have joined the G7 initiative aimed at excluding Russia from the global diamond market. This will make it possible to strengthen the embargo introduced after the beginning of the great war in Ukraine.”, — write: epravda.com.ua

Botswana and Angola have joined the G7 initiative aimed at excluding Russia from the global diamond market. This will make it possible to strengthen the embargo introduced after the beginning of the great war in Ukraine. Politico writes about it. The main part of the plan is the diamond tracking system, which was supposed to be operational from September 2024. It will make it possible to determine the origin of stones to avoid mixing them with Russian ones in third countries, such as Dubai or India. This was achieved thanks to the participation of Russia’s main competitors in the market — Botswana and Angola. Botswana, the second largest producer of diamonds after Russia, has agreed to join the certification system. The certification center in Botswana will open in 2025, and diamonds that pass the certification will be given a unique number to be tracked throughout the supply chain. This will help avoid the mixing of stones of different origins, in particular with Russian ones.Advertisement: Angola, another important producer of diamonds, also supported the certification. It recently decided to buy out Alrosa’s stake in a local diamond mining company to eliminate a possible conflict of interest in the international market. In 2023, diamonds accounted for almost 10% of Angolan exports. According to estimates, 80-90% of the world’s diamonds will be subject to certification, which will instantly distinguish between legal and illegal stones. This is an important step for the effective implementation of sanctions and the reduction of Russia’s role in the global diamond market. We will remind:Advertisement: Russian diamond mining company Alrosa plans to cut costs for employees and production amid the crisis in the industry, to suspend the development of the least profitable assets.

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