The proposal is part of a new sanctions package to curb Russia's ability to finance its invasion of Ukraine.

The sanctions package also contains import bans on a number of metals.

The G7 has been weighing various proposals on how to track the origin of diamonds coming into Western markets.

Global demand for diamonds has fallen to levels not seen since the pandemic.

The speed and severity of the collapse in diamond prices caught many by surprise.

At the height of talks for a new sales contract with De Beers in March, Botswana announced a deal to become a shareholder in HB Antwerp.

Major Western jewellers, from Tiffany's to Cartier and Van Cleef & Arpels have all been keen to distance themselves from Russia's lucrative diamond trade.

The agreement also allows for participation in Anglo American employee share ownership plans.