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News, Russian Ukraine Conflict

Articles from DIAMOND JEWELLERY (982 Articles)










The report from Glitz.Paris alleged that the De Beers’ Forevermark brand conducted more than 100 transactions involving Russian diamonds destined for the US market. | Source:Shutterstock
The report from Glitz.Paris alleged that the De Beers’ Forevermark brand conducted more than 100 transactions involving Russian diamonds destined for the US market. | Source:Shutterstock

De Beers denies violating Russian diamond sanctions

The world’s largest diamond mining company, the De Beers Group, has issued a statement denying claims it sold diamonds sourced from Russia.

Last week, ‘luxury’ publication Glitz.Paris reported that De Beers had “sold stones of Russian origin in the US” in 2022, suggesting the transaction involved Alrosa and an Israeli company. 

Botswana’s Sunday Standard cited the allegations as a front-page story over the weekend.

“Let us be clear — this allegation is not true. De Beers only sources diamonds discovered in Botswana, Canada, Namibia, and South Africa, or from select companies that adhere to our strict and third-party audited sourcing policy,” the company said in a statement.

“It is no secret that we have been the subject of a number of headlines in Botswana over the past several months. While those stories were distortions, this particular story is dangerous”
De Beers

“Following the start of the war, we removed Russia from our third-party sourcing list. We do not source diamonds from Russia.”

The report from Glitz.Paris alleged that the De Beers’ Forevermark brand conducted more than 100 transactions involving Russian diamonds destined for the US market.

“It is no secret that we have been the subject of a number of headlines in Botswana over the past several months. While those stories were distortions, this particular story is dangerous,” the statement continues.

“Beyond De Beers, it suggests to consumers that the natural diamonds they buy, a significant percentage of which come from Botswana, are tainted. This is not true, but in an attempt to discredit De Beers, the article risks damaging much more.”

The Israeli company named in the transaction is sightholder Dalumi Group. Rapaport News contacted the company and a spokesperson denied the allegations.

De Beers recently postponed its fifth and sixth sales cycle auctions for the year amid concerns about dwindling demand.

More reading
De Beers delays rough diamond sales as demand decreases
Pleasing demand for De Beers rough, lab-created sales surging
De Beers says lab-created diamond category ‘distinct and separate’
Diamond sales continue to slow for mining giant
Sales performance overcomes sluggish second half for De Beers
Diamond sales slump for De Beers
Weakened demand impacts De Beers sales
Diamond industry expectations for 2023; what's in store?

 











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