Russia is the world’s biggest diamond exporter by volume, generating billions in revenue for Moscow. The West is stepping up efforts to strangle it.
Nineteen months have passed since Russia invaded Ukraine, sending shock waves around the world — and through the global diamond market.
Last year the European Union had tried several times to enforce sanctions on Russian diamonds, but was prevented by Belgium because of protests from Antwerp, the Belgian port city that is a leading trade hub for precious stones. Its representatives have expressed concerns that, aside from the difficulty that comes with tracking a diamond’s true origin, sanctions could hand Antwerp’s rivals, like Dubai and India, a competitive advantage on the Russian diamond trade. Not everyone agreed.
India, where 90 per cent of the world’s rough stones are cut and polished in the city of Surat, has continued to handle Russian diamonds without falling foul of Western governments.“By cutting off most of their demand, if an import ban were to be agreed, Russian diamonds would have a narrower lane through which to work their way into the marketplace,” he said. “The focus of all discussions is how to target Alrosa and Russia’s diamond revenues that could then be funnelled to their war efforts.
‘The focus of all discussions is how to target Alrosa and Russia’s diamond revenues that could then be funnelled to their war efforts.’ Tiffany Stevens, the CEO and general counsel of the Jewellers Vigilance Committee, a nonprofit organisation based in New York City that focuses on ethics via legal compliance and policy advocacy in the jewellery trade, said the invasion had required the diamond industry to make significant changes in its operations, and it had been given time to prepare for the new requirements that tougher rules would bring.
In a strategy to offset potential damage to local trade and to maintain employment, the Indian government and its gem industry has significantly increased investments in the manufacturing of lab-grown diamonds , already a major focus for the country. In June, Modi presented a 7.5-carat synthetic diamond to Jill Biden, the first lady, during his visit to the White House.
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