A new White House Executive Order broadens existing restrictions immediately to include diamonds and other Russian goods even if these products are then transformed in a third country. It will come as a blow to India's diamond industry with the US accounting for 45 percent of all its exports. We shall wait and see for the outcome. Many thanks to Idex Online for sharing the info.
US President Joe Biden has signed an executive order banning Russian diamonds even if they are manufactured in a third country. Many thanks to Rapaport Diamond Report for sharing the insightful story.
In a statement, the G7 said it aims to block diamonds mined in Russia but polished elsewhere, beginning March 1, 2024.
Many thanks to Sarah Wheaton for sharing different viewpoints on Russian diamonds and the upcoming G7 Russian diamonds ban.
The diamond industry is about to undergo a major change from January 2024. Responsible diamond dealers will develop a hard wall between Russian diamonds and non-Russian diamonds. They have no choice but to adapt to the new reality. I hope it works. Many thanks to Rob Bates of JCK Online for sharing the insightful and detailed report.
The Group of Seven (G7) nations have pledged to focus on keeping Russian diamonds out of the market, while the UK will ban them completely. I hope it works.
TIR (This is Russia). Only the seller, buyers, and a few select banks knows.
Voluntary measures to reduce the trade in Russian blood diamonds to zero is not easy. Traceability is another issue. Here the deciders are the consumers, diamond traders and the local government. Till you get all the main deciders on the same page it will be just noise.
Russia invaded Ukraine. It's a fact. Rough diamonds finance wars against governments one way or the other so why is it so difficult to decide Russian diamonds are conflict diamonds?
Richard Chetwode was spot on. A must read. Knowing the loopholes in the diamond trade requires accumulated intelligence and field experience.
Must read. No profits from precious stones should directly or indirectly finance the Russian government and its aggression against sovereign states, and no Russian kleptocrat should be able to enjoy luxury goods while innocent Ukrainian civilians are under attack from Russian bombs.
RapNet has banned Russian diamonds from its network. The ban applies to all diamonds sourced from Russia after February 24, 2022, and includes polished diamonds manufactured outside of Russia from Russian rough diamonds. The ban includes diamonds sourced from companies that are 50% or more owned by sanctioned entities. Russia supplies about 30% of the world's rough diamonds.
This new order by the US President Joseph Biden now means no direct diamond buying from Alrosa or any other Russian company is allowed. Also, if the consumers begin to stop buying Russian diamonds, then it's over.
Should the gem and jewelry industry still sell Russian diamonds? Brilliant Earth has publicly said it's pulling Russian diamonds. Jewelers of America has issued a member advisory warning to get written assurances from suppliers that they are not selling Russian diamonds. More trouble ahead.
