Canada, G7 banning direct import of Russian diamonds

Canada and its G7 partners are banning the direct import of Russian diamonds, Foreign Affairs Minister Mélanie Joly announced, Report informs via Global News.

The ban, which includes diamonds and diamond jewelry-related products, comes after G7 leaders announced a commitment in May to reduce the revenues that Russia extracts from the export of non-industrial diamonds mined, processed or produced in the country.

Reducing Russia’s revenue from the diamond industry ensures that proceeds from the export of Russian diamonds will “not contribute to financing conflict,” a press release announcing the move said.

“The implementation of this ban, in collaboration with our G7 partners, sends a clear message to Russia: We will not tolerate the use of Russia’s diamond revenues to finance war,” Joly says in the release.