The European Union has postponed the introduction of a ban on importing jewelry with diamonds from Russia, processed in other countries, indefinitely. This decision is significant for Armenia, which in recent months has become a transit point for the re-export of Russian diamonds and gold.
In a statement clarifying the 14th package of sanctions against Russia, the European Commission, as reported by TASS, indicated that the EU authorities are "postponing the introduction of the ban on jewelry with Russian diamonds processed in third countries, until the European Council decides to activate the ban in light of actions taken within the G7 to implement this measure."
The text also notes that the European Union has delayed the "introduction of a mandatory tracking system for the import of uncut and cut natural diamonds" of Russian origin into the community by six months, until March 1, 2025.
Since the beginning of this year, under the 12th package of EU sanctions imposed due to the war in Ukraine, a complete ban on the direct import from Russia to the EU of non-industrial natural and synthetic diamonds and jewelry with diamonds has been in effect.
A partial European embargo on Russian diamonds processed in third countries began on March 1, with full enforcement set to start later on September 1, 2024. It appears that Russia has actively decided to use this "window" to circumvent Western sanctions, with Armenia chosen as the channel for supplying diamonds to the global market.
Reports of the growing re-export of Russian precious stones and gold started appearing in Armenian media as early as mid-last year.
In 2023, according to official statistics, Armenia exported $1.8 billion worth of gold and $589 million worth of diamonds—a record for the Armenian economy. Unlike diamonds, the rapid growth in the re-export of Russian gold only began in November.
This year, the shipments have continued to grow. In the first quarter of 2024, gold exports amounted to $2.5 billion, and diamond exports to $185 million. The processing of this "raw material" in Armenia has also sharply increased by an unprecedented 31 percent. As in the previous year, imports of diamonds and gold into Armenia, primarily from Russia, have grown at the same scale in January-March of the current year.
