EU delays Russian diamond tracking to 2026 over tech issues
The European Union has postponed the implementation of the Russian diamond tracking system to 2026. The delay stems from the system's technological and financial inadequacies. This postponement aims to allow companies time to prepare for the new regulations.
The European Union has decided to delay the introduction of the mandatory Russian diamond tracking system to 2026. Initially, its launch was planned for March 2025. According to "Kommersant," this decision comes from the system's unpreparedness and numerous questions regarding its operation.
The tracking system would require companies to provide evidence of the diamonds' origin, intending to help enforce sanctions.
However, as noted by the Antwerp World Diamond Centre, there is significant uncertainty about its operation and management. The organisation highlights the importance of ensuring a level playing field for all market participants.
Experts highlight the delay linked to the system's technological and financial unpreparedness.
Oleg Abielew from "Rikom-Trust" mentions that most Russian diamonds are sent to India, where they can be imported into the EU. Introducing the system could potentially harm European importers more than Russian exporters.
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