KazPost

Kazakhstan News
Saturday, Jul 27, 2024

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.

Newsletter

Related Articles

KazPost
0:00
0:00
Close
It's always the people with the dirty hands pointing their fingers
Paper straws found to contain long-lasting and potentially toxic chemicals - study
FTX's Bankman-Fried headed for jail after judge revokes bail
Blackrock gets half a trillion dollar deal to rebuild Ukraine
America's First New Nuclear Reactor in Nearly Seven Years Begins Operations
Southeast Asia moves closer to economic unity with new regional payments system
Today Hunter Biden’s best friend and business associate, Devon Archer, testified that Joe Biden met in Georgetown with Russian Moscow Mayor's Wife Yelena Baturina who later paid Hunter Biden $3.5 million in so called “consulting fees”
Singapore Carries Out First Execution of a Woman in Two Decades Amid Capital Punishment Debate
Google testing journalism AI. We are doing it already 2 years, and without Google biased propoganda and manipulated censorship
Unlike illegal imigrants coming by boats - US Citizens Will Need Visa To Travel To Europe in 2024
Musk announces Twitter name and logo change to X.com
The future of sports
Unveiling the Black Hole: The Mysterious Fate of EU's Aid to Ukraine
Farewell to a Music Titan: Tony Bennett, Renowned Jazz and Pop Vocalist, Passes Away at 96
Alarming Behavior Among Florida's Sharks Raises Concerns Over Possible Cocaine Exposure
Transgender Exclusion in Miss Italy Stirs Controversy Amidst Changing Global Beauty Pageant Landscape
TikTok Takes On Spotify And Apple, Launches Own Music Service
Global Trend: Using Anti-Fake News Laws as Censorship Tools - A Deep Dive into Tunisia's Scenario
Arresting Putin During South African Visit Would Equate to War Declaration, Asserts President Ramaphosa
Hacktivist Collective Anonymous Launches 'Project Disclosure' to Unearth Information on UFOs and ETIs
Typo sends millions of US military emails to Russian ally Mali
Server Arrested For Theft After Refusing To Pay A Table's $100 Restaurant Bill When They Dined & Dashed
The Changing Face of Europe: How Mass Migration is Reshaping the Political Landscape
China Urges EU to Clarify Strategic Partnership Amid Trade Tensions
Europe is boiling: Extreme Weather Conditions Prevail Across the Continent
The Last Pour: Anchor Brewing, America's Pioneer Craft Brewer, Closes After 127 Years
Democracy not: EU's Digital Commissioner Considers Shutting Down Social Media Platforms Amid Social Unrest
Sarah Silverman and Renowned Authors Lodge Copyright Infringement Case Against OpenAI and Meta
Why Do Tech Executives Support Kennedy Jr.?
The New York Times Announces Closure of its Sports Section in Favor of The Athletic
BBC Anchor Huw Edwards Hospitalized Amid Child Sex Abuse Allegations, Family Confirms
Florida Attorney General requests Meta CEO's testimony on company's platforms' alleged facilitation of illicit activities
The Distorted Mirror of actual approval ratings: Examining the True Threat to Democracy Beyond the Persona of Putin
40,000 child slaves in Congo are forced to work in cobalt mines so we can drive electric cars.
Historic Moment: Edgars Rinkevics, EU's First Openly Gay Head of State, Takes Office as Latvia's President
An Ominous Shift in Warfare: Western Powers Risk War Crimes and Violate International Norms with Cluster Bomb Supply to Ukraine
Bye bye democracy, human rights, freedom: French Cops Can Now Secretly Activate Phone Cameras, Microphones And GPS To Spy On Citizens
The Poor Man With Money, Mark Zuckerberg, Unveils Twitter Replica with Heavy-Handed Censorship: A New Low in Innovation?
The Double-Edged Sword of AI: AI is linked to layoffs in industry that created it
US Sanctions on China's Chip Industry Backfire, Prompting Self-Inflicted Blowback
Meta Copy Twitter with New App, Threads
The New French Revolution
BlackRock Bitcoin ETF Application Refiled, Naming Coinbase as ‘Surveillance-Sharing’ Partner
Corruption in the European Parliament - Business as usual
UK Crypto and Stablecoin Regulations Become Law as Royal Assent is Granted
Paris Suburb Grapples with Violence as Curfew Imposed: Saint-Denis Residents Express Dismay and Anger
A Delaware city wants to let businesses vote in its elections
Alef Aeronautics Achieves Historic Milestone with Flight Certification for World's First Flying Car
Google Blocked Access to Canadian News in Response to New Legislation
French Politicians Advocate for Pan-European Regulation on Social Media Influencers
×