MOSCOW, June 24. /TASS/. The introduction of a system for tracking the origin of diamonds requires large funding and time, its introduction may lead to pressure on the price of diamonds, so the implementation of this initiative from March 1, 2025, seems unlikely, Head of the securities market analysis department at Alfa Bank Boris Krasnozhenov told TASS.

"The implementation of this initiative may also lead to significant cost pressure on diamond producers and cutters. There are great doubts that the tracking system will be able to operate starting from March 1, 2025," Krasnozhenov said.

The EU authorities earlier allowed imports of a number of types of diamonds of Russian origin, according to a statement by the European Commission explaining the 14th package of sanctions against Russia. Thus, the previously introduced ban on the import of Russian diamonds does not apply to those stones that were located in the EU or in a third country (except Russia), or were cut or produced in a third country before the ban on Russian diamonds came into force. In addition, the European Union postponed for six months the introduction of a mandatory system for tracking imports of rough and polished natural diamonds of Russian origin into EU countries to March 1, 2025.

The fact that the ban on importing diamonds from Russia does not apply to stones exported from the country before the restrictions were introduced is quite understandable, the expert added. "There is a large market for secondary diamonds and certain reserves in the system. Taking into account the share of Russian diamonds in the world market, their share in the system is significant," Krasnozhenov said.

He also noted that the EU has indefinitely postponed the introduction of a ban on imports of diamond jewelry from Russia processed in third countries. "Jewelry manufacturers virtually can use diamonds made from Russian rough diamonds. There is a growing demand for diamonds and diamond jewelry," he added. Excluding Russian diamonds from the world market could lead to significant imbalances in the system, the expert added.