, comprising (the United States, Germany, United Kingdom, France, Italy, Japan, and Canada)){kind=link}
Botswana: The Group of Seven (G7), comprising (the United States, Germany, United Kingdom, France, Italy, Japan, and Canada), is set to engage with the Government of Botswana and other diamond-producing countries regarding the planned new sanctions on Russian diamonds.
Al Cook, the CEO of De Beers Group, highlighted this development during a media roundtable held in Botswana on Wednesday.
“The good news is that as G7 countries progress to impose new sanctions, they have committed to a period of consultation with producer countries, and we expect a delegation to Botswana to consult on a new set of regulations and ensure that it doesn’t have unintended consequences on other players,” said Cook.
The media roundtable under the theme “Provenance and Product” featured Cook and Gino Drosos, the CEO of Signet Jewelers, the biggest diamond retailer in the United States. The two CEOs discussed the importance of provenance in the wake of the Russia-Ukraine war.
Cook said provenance has become even more important as a result, and De Beers is responding accordingly, as it has always done over the years. He said the new De Beers – Botswana deal will add to the provenance story, as diamonds mined from Botswana will have a greater impact on the economy through beneficiation.
Meanwhile, Drosos said Signet Jewelers has been the leader when it comes to ensuring that they sell ethically sourced diamonds over the past 20 years.
“Customers are very interested in knowing that the diamond that they are buying was mined, produced and retailed in a way that is respectful of all people,” said Drosos.
“When Russia invaded Ukraine, we were the first retailer in the U.S. to declare that we would not sell Russian diamonds even before the U.S. government imposed sanctions. Other retailers followed.”
The duo conveyed confidence that the G7 nations would consider the perspectives of producer countries like Botswana in imposing new sanctions on Russia.
The looming G7 decision aims to enforce a prohibition on Russian diamonds, extending even to those cut and polished in other nations. In response to these imminent changes, Cook had penned an open letter to the G7 last year, expressing concerns regarding the potential ramifications of the sanctions.
He articulated apprehensions that the stringent requirements, particularly related to investing in tracing technology, could adversely impact diamond exports from non-Russian producer nations.
Cook highlighted the necessity of a collaborative framework involving all key stakeholders, asserting that despite De Beers having a blockchain technology platform, Tracr, no existing technology-based platform meets the requisites laid out by the G7.
The current move by the G7 to consult with diamond-producing countries like Botswana reflects an effort to take into consideration the interest of other players likely to have been affected by the decision on the new sanctions.