North Korean Diamond Sales Banned by the EU

The European Union enacted a regulation prohibiting citizens of its member states from buying diamonds to agents of the government of North Korea, or from selling diamonds to them. The EU published the text of its resolution No 296/2013 on March 26, which prohibits trading precious metals and gems with organs of the state, including its banks.

The decision to sanction diamond trade with North Korea comes as a result of the country's efforts to build up an arsenal of nuclear weapons, and in the wake of a deterioration in its relations with its island neighbor South Korea.

The regulation's prohibition on the trade of diamonds with North Korea applies to all stones, regardless of whether they originate in the EU, in North Korea, or anywhere else in the world. According to the regulation's annex, it applies to both rough diamonds and polished diamonds, but it does not apply to diamonds that have been mounted in pieces of jewelry.

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