Canadian Minister of Foreign Affairs Melanie Joly announced on Friday that Canada would be implementing additional import restrictions on Russian diamonds, as part of ongoing efforts to apply pressure on Russia amidst international tensions.
The new ban extends the import restrictions imposed in December 2023, specifically targeting indirect imports of Russian diamonds weighing 1 carat and above. Minister Joly emphasized that this action aligns with commitments made by G7 leaders throughout 2023 to reduce revenues from Russia’s non-industrial diamond exports.
Russia holds a significant position in the global diamond industry, being the largest producer of rough diamonds and a major exporter of diamond products. In 2022 alone, the value of Russia’s total diamond exports exceeded nearly 5.2 billion Canadian dollars ($3.8 billion).
The move by Canada is part of a broader strategy coordinated among G7 countries, which collectively represent 70 percent of the world diamond market. This concerted effort aims to exert economic pressure on Russia and signal solidarity among major global players in response to geopolitical challenges.
