Budapest Post

Cum Deo pro Patria et Libertate
Budapest, Europe and world news

Tracking Putin’s diamonds: G7 push to ban Russian gems gathers pace

Tracking Putin’s diamonds: G7 push to ban Russian gems gathers pace

Officials hail new technical breakthrough in effort to trace Russian diamonds.

G7 countries are pushing ahead with plans to agree to ban sales of Russian diamonds when the group's leaders meet for a summit next month, amid growing hopes that new technology will enable authorities to track the gems around the world.

The European Union has so far stopped short of sanctioning diamonds from Russia, which are playing a part in financing Vladimir Putin's war in Ukraine, amid concerns that an embargo would hit the Belgian city of Antwerp, a major international diamond trading hub.

Instead, G7 governments are preparing an international ban on selling the products. Preparations are well on track to announce more details at the summit in Japan starting on May 19, a European government official involved in the negotiations said.

One of the main goals of this coordinated G7 push is to stop sanctions being circumvented, for example by importing Russian diamonds which have first been processed and relabelled elsewhere in the world. The Swiss company Spacecode now claims to have a solution to that problem: a new device that can identify which region of the world individual diamonds come from.

Spacecode is already well known for its tracking work in the global diamond industry. In parallel, the company has been working on a next step to determine the "diamond DNA," as knowing the exact origin of diamonds is key for the industry, said Pavlo Protopapa, who is chairman and CEO of Spacecode.

According to him, Spacecode now has the technology to trace the provenance of diamonds by understanding the morphology — the chemical composition and the optical properties of a diamond – because stones from certain regions have similar characteristics.

By understanding those unique characteristics, Spacecode's device would immediately determine the origin of a stone — even if it was not registered earlier in the supply chain. "Diamonds are mixed all the time," Protopapa said. "The only way you can check that is by using Spacecode technology."

The official mentioned above said the technology is "revolutionary" and could be of key importance in the practical roll-out of the upcoming G7 decision.

Spacecode itself has no political allegiance, Protopapa stressed. "We just state what the origin of a diamond is. Whether it's accepted by another country or not, is not up to us to decide."


Obstacles ahead


That's not to say it's a done deal. One question is when the technology will be ready to roll out in time, as Ukraine's supporters want to impose the Russian diamond ban as soon as possible.

Spacecode's devices will not be sold for the first time until the end of this year or even the first quarter of 2024. If that's successful, the company aims to sell its products on the mass market by the end of 2024.

For Protopapa, that shouldn't necessarily be a problem, as the industry will need time to absorb such a change. He also hinted the process might be accelerated if necessary. "I want the green light. I want the phone call: 'listen, you’re the closest to anyone having the tech, go for it.' And then we'll put our head down," he said.

Russian soldiers run along Red Square in central Moscow


The European official mentioned earlier also said the timing doesn't have to be a problem, as other sanctions on Russian products also worked with transition periods to give industries space to adjust. "It is so revolutionary that you risk a lot of resistance from the sector," the official said.

Tom Neys, a spokesperson for the Antwerp World Diamond Centre, warned the sector will not accept "rubber-stamping solutions."

"If you want a real working solution to keep Russian diamonds off the market you need a watertight and verifiable solution that can determine the origin of a stone. We go for nothing less," Neys said.

AI Disclaimer: An advanced artificial intelligence (AI) system generated the content of this page on its own. This innovative technology conducts extensive research from a variety of reliable sources, performs rigorous fact-checking and verification, cleans up and balances biased or manipulated content, and presents a minimal factual summary that is just enough yet essential for you to function as an informed and educated citizen. Please keep in mind, however, that this system is an evolving technology, and as a result, the article may contain accidental inaccuracies or errors. We urge you to help us improve our site by reporting any inaccuracies you find using the "Contact Us" link at the bottom of this page. Your helpful feedback helps us improve our system and deliver more precise content. When you find an article of interest here, please look for the full and extensive coverage of this topic in traditional news sources, as they are written by professional journalists that we try to support, not replace. We appreciate your understanding and assistance.
Newsletter

Related Articles

0:00
0:00
Close
Trump Proposes Supplying Arms to Ukraine Through NATO Allies
US Opens First Rare Earth Mine in Over 70 Years in Wyoming
Bitcoin Reaches New Milestone of $116,000
Severe Heatwave Claims 2,300 Lives Across Europe
Declining Beer Consumption Signals Cultural Shift in Germany
Emails Leaked: How Passenger Luggage Became a Side Income for Airport Workers
Polish MEP: “Dear Leftists - China is laughing at you, Russia is laughing, India is laughing”
Western Europe Records Hottest June on Record
BRICS Expands Membership with Indonesia and Ten New Partner Countries
Elon Musk Founds a Party Following a Poll on X: "You Wanted It – You Got It!"
China’s Central Bank Consults European Peers on Low-Rate Strategies
France Requests Airlines to Cut Flights at Paris Airports Amid Planned Air Traffic Controller Strike
Poland Implements Border Checks Amid Growing Migration Tensions
Emirates Airline Expands Market Share with New $20 Million Campaign
Amazon Reaches Milestone with Deployment of One Millionth Robot
Yulia Putintseva Calls for Spectator Ejection at Wimbledon Over Safety Concerns
House Oversight Committee Subpoenas Former Jill Biden Aide Amid Investigation into Alleged Concealment of President Biden's Cognitive Health
Amazon Reaches Major Automation Milestone with Over One Million Robots
Extreme Heat Wave Sweeps Across Europe, Hitting Record Temperatures
Meta Announces Formation of Ambitious AI Unit, Meta Superintelligence Labs
Robots Compete in Football Tournament in China Amid Injuries
China Unveils Miniature Insect-Like Surveillance Drone
Marc Marquez Claims Victory at Dutch Grand Prix Amidst Family Misfortune
Germany Votes to Suspend Family Reunification for Asylum Seekers
Budapest Pride Parade Draws 200,000 Participants Amid Government Ban
Southern Europe Experiences Extreme Heat
Xiaomi's YU7 SUV Launch Garners Record Pre-Orders Amid Market Challenges
Jeff Bezos and Lauren Sanchez's Lavish Wedding in Venice
Russia Launches Largest Air Assault on Ukraine Since Invasion
Massive Anti-Government Protests Erupt in Belgrade
Iran Executes Alleged Israeli Spies and Arrests Hundreds Amid Post-War Crackdown
Hungary's Prime Minister Criticizes NATO's Role in Ukraine
EU TO HUNGARY: LET THEM PRIDE OR PREP FOR SHADE. ORBÁN TO EU: STAY IN YOUR LANE AND FIX YOUR OWN MESS.
Hungarian Scientist to Conduct 30 Research Experiments on the International Space Station
NATO Members Agree to 5% Defense Spending Target by 2035
NATO Leaders Endorse Plan for Increased Defence Spending
U.S. Crude Oil Prices Drop Below $65 Amid Market Volatility
International Astronaut Team Launched to Space Station
Macron and Merz: Europe must arm itself in an unstable world
Germany and Italy Under Pressure to Repatriate $245bn of Gold from US Vaults
Iran Intensifies Crackdown on Alleged Mossad Operatives After Sabotage Claims
Trump Praises Iran’s ‘Very Weak’ Response After U.S. Strikes and Presses Israel to Pursue Peace
Oil Prices Set to Surge After US Strikes Iran
BA and Singapore Airlines Cancel Dubai Flights Amid Middle East Tensions
Trump Faces Backlash from MAGA Base Over Iran Strikes
Meta Bets $14 B on Alexandr Wang to Drive AI Ambitions
FedEx Founder Fred Smith, ‘Heart and Soul’ of the Company, Dies at 80
Chinese Factories Shift Away from U.S. Amid Trump‑Era Tariffs
Pimco Seizes Opportunity in Japan’s Dislocated Bond Market
Labubu Doll Drives Pop Mart to Status as China’s Most Valuable Toy Maker
×