Canada imposes restrictions on direct imports of Russian diamonds and related products

The Canadian government has announced restrictions on the import of Russian diamonds and related jewellery in coordination with its G7 partners.

This is stated on the website of the Government of Canada.

The ban follows a commitment made by G7 leaders in May 2023 to work together to reduce the revenue that the Russian authorities receive from the export of rough diamonds mined, processed or produced in Russia.

According to Canadian Foreign Minister Mélanie Joly, the implementation of this ban sends a clear message to Russia that the G7 will not tolerate the use of Russian diamond revenues to finance the war.

"We call on President Putin to immediately put an end to this unjustifiable war of aggression against Ukraine, and we will continue to stand by Ukrainians for as long as it takes," said Joly.

Canada will continue to work with its G7 and other international partners to implement comprehensive controls and verification measures to ban Russian diamonds.

As noted by the Canadian government, Canada is the world's largest producer of rough diamonds, with production estimated at over US$3.5 billion in 2022. It is also a significant global exporter of diamonds and diamond products, with the value of its total exports exceeding USD 3.9 billion in the same year. Together, the G7 countries represent 70% of the global diamond market.