SAMS Group Australia
advertisement
SAMS Group Australia
advertisement
SAMS Group Australia
advertisement
Goto your account
Search Stories by: 
and/or
 

News












Earlier this month, Rob Bates of JCK Online reported that the G7 countries - Canada, France, Germany, Italy, Japan, the UK, the US, and EU - will soon prohibit the import of gemstones mined in Russia. | Source: Shutterstock
Earlier this month, Rob Bates of JCK Online reported that the G7 countries - Canada, France, Germany, Italy, Japan, the UK, the US, and EU - will soon prohibit the import of gemstones mined in Russia. | Source: Shutterstock

Questions raised about the impact of proposed US crackdown on Russian diamonds

Speculation about the future of Russia’s diamond industry has continued after recent reporting suggested that further prohibitions will be installed early next year.

Earlier this month, Rob Bates of JCK Online reported that the G7 countries - Canada, France, Germany, Italy, Japan, the UK, the US, and EU - will soon prohibit the import of gemstones mined in Russia.

The report suggests that the restrictions will come into effect in January, with regulations possibly limited to diamonds one-carat or larger. The restrictions will include diamonds that are cut and polished overseas.

Paul Zimnisky
Paul Zimnisky
“The Russians have ramped up diamond sales in recent months in an attempt to claw back market share lost last year following the disruption in trading.”
Paul Zimnisky, PZ Diamond Analytics

In an interview with CNBC, Tenoris founder Edahn Golan said that regardless of the G7’s actions, Russian diamonds will still have buyers.

“Countries like India, the UAE, and even the EU, didn’t place sanctions on rough diamond imports. So again, no real shortages,” he said.

Paul Zimnisky of PZ Diamond Analytics said that so far this year, Russia’s leading diamond mining company Alrosa has focused on regaining its lost market share.

“The Russians have ramped up diamond sales in recent months in an attempt to claw back market share lost last year following the disruption in trading,” he said.

India remains the world’s leading diamond importer, ahead of the US in second. Hong Kong, Belgium, and the UAE are also major importers.

According to the BBC, Russia’s diamond trade is worth approximately $US4 billion ($AU5.98 billion) per year.

More reading
US diamond traders told to prepare for new sanctions
Russian leadership dismisses suggestions of sanctions
Signet CEO says excluding Russian diamonds will prove fruitful
De Beers denies violating Russian diamond sanctions
New leadership for Russian diamond mining giant
Reputations at stake as Russian diamond trade survives sanctions

 











Ellendale Diamonds Australia
advertisement





Read current issue

login to my account
Username: Password:
Jeweller Magazine
advertisement
World Shiner
advertisement
World Shiner
advertisement
© 2024 Befindan Media