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00:00 In Hiroshima, Russian diamonds are at the centre of the G7's negotiations.
00:05 They are Russia's third largest export after oil and gas, bringing 4 to 5 billion dollars
00:10 to the country per year.
00:12 Throughout 2022, the Russian diamond sector had been bypassing Western sanctions, an issue
00:18 which the G7 countries hope to tackle once and for all.
00:23 We will restrict trade in Russian diamonds, Russian diamonds are not forever and we will
00:30 lay out openly and frankly why these sanctions are necessary and justified.
00:38 Russian propaganda is built on lies and conspiracy.
00:43 We are fighting back with the facts and figures.
00:46 A key target for G7 leaders is Russian diamond giant Alrosa.
00:51 The company draws its stones in the far east of Siberia and represents 27% of the world
00:57 diamond market.
00:59 In 2020, with an almost 30 million carat production volume, it became the world's leading diamond
01:06 producer, ahead of Botswana, Canada and Angola.
01:11 But at the start of the Russia-Ukraine conflict, Western sanctions slowed down the trade by
01:16 banning dollar transactions and excluding Russian companies.
01:20 In Iran, experts from Europe's diamond hub Antwerp say the industry has adapted itself.
01:27 By my estimate, the flow of Russian diamonds through the supply chain is probably back
01:31 to between 75% and 85% of what it was before.
01:35 Experts say the G7's new sanctions and attempt to close loopholes could have a limited effect
01:41 on the Russian diamond trade, since Moscow has turned its gem exports to new markets
01:46 like India and the United Arab Emirates.