Western sanctions efforts seem to be bearing fruit, at least in one particular area. So far, Europe has not imposed restrictions on Russian diamonds, fearing to get it wrong with the embargo (as it already happens in oil and gas) and hurt itself. New technologies come to the aid of European legislators. A revolutionary path is described by Politico in an article by Barbara Moens.
The G7 governments are preparing not a regional but an international ban on the sale of Russian products. The coalition is full of optimism, because the way has been found to introduce the first insurmountable and unavoidable sanction. Preparations are in full swing, more details are expected to be announced at the Japan summit from May 19. This publication was told by a representative of the European government, who participated in the negotiations.
One of the main objectives of this coordinated G7 effort is to prevent the circumvention of sanctions, for example, in the import of Russian diamonds, which were first processed and noticed in other countries of the world. The Swiss company Spacecode now claims to have a solution to this problem: a new device that can determine which region of the world individual diamonds come from.
Spacecode is already well known for its tracing work in the global diamond industry. In parallel, the company is working on the next step to identify “the DNA of the diamond”, because knowing the exact origin of the stone is key to the industry, says the president and CEO of Spacecode.
Spacecode now has the technology to trace the provenance of diamonds by understanding morphology — the chemical composition and optical properties of a diamond — because stones from certain regions have their own unique characteristics, he said.
By identifying them, the Spacecode device immediately determines the origin of the stone, even if it was not previously recorded in the supply chain. Diamonds are mixed with each other all the time, the only way to check them is by using Spacecode technology.
Company representatives insist the technology is “game-changing” and could be key to the practical implementation of the upcoming G7 solution. The Spacecode project itself has no political affiliation, Spacecode points out.
We simply indicate the origin of the diamond. Whether this or that country decides to import it
- say in Spacecode.
Photos used: pxhere.com
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