Sanctions on Russian diamonds have far-reaching consequences beyond Russia itself, affecting African countries heavily reliant on diamond sales for revenue.
The study highlights that if Russian diamonds are banned, African diamond mining countries will face challenges in certifying the origin of each stone, leading to increased costs and logistical hurdles.
Restrictions on Russian diamond imports to G7 countries and the EU have already been implemented, causing disruptions in the global diamond market and affecting prices.
The study predicts a potential shortage in the diamond market by 2025, with prices likely to rise due to reduced production volumes and depleted reserves.