European traders were perplexed by the European Union’s sanctions measures against Russian diamonds, The Times reports.
Traders complained of long delays due to the fact that all diamonds entering the EU must be sent to Antwerp by order of the European Commission to be checked for possible Russian origin.
Thus, one of the diamond traders noted that now, with all the bureaucracy, it takes up to two weeks to fulfil an order.
Traders also note that other diamond centres such as India, Dubai and Tel Aviv have not imposed similar sanctions on Russian diamonds, while Russia’s ALROSA has not felt the significant impact of the EU measures.
On 1 March, the G7 countries began a phased restriction on imports of Russian diamonds processed in third countries.
At the same time, in December, India lifted a ban on diamond supplies from Russia.