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Russia is reportedly looking to strengthen the relationship between its diamond industry and non-western markets as the impact of sanctions continues to take hold. | Source: Alexander Ryumin/TASS
Russia is reportedly looking to strengthen the relationship between its diamond industry and non-western markets as the impact of sanctions continues to take hold. | Source: Alexander Ryumin/TASS

Diamond sanctions: Russia searches for new partnerships

Russia is reportedly looking to strengthen the relationship between its diamond industry and non-western markets as the impact of sanctions continues to take hold.

The future of the diamond industry was the focus of a discussion at the St. Petersburg International Economic Forum earlier this month.

BRICS is an intergovernmental organisation founded in 2009 and chaired by Russia. Its core members are Brazil, Russia, India, China, and South Africa. Iran, Egypt, Ethiopia, and the United Arab Emirates were later additions.

In response to ongoing sanctions from the European Union and the G7, Russia plans to strengthen the ties between the diamond industry and these markets.

Pavel Marinychev, CEO of diamond miner Alrosa, said that these relationships would secure the stability of the global market.

"The interests of all participants could be united in the BRICS trade and economic space: major diamond-mining countries that develop deposits on an industrial scale, countries with predominantly artisanal alluvial diamond mining, centres of diamond trade, cutting, and jewellery production, and the growing markets for finished products," he said.

"New cooperation mechanisms will ensure the stability of the global diamond market and preserve the system of the free global trade of diamond products based on the core principles of the Kimberley Process."

In a statement, BRICS suggested that the attempted introduction of unilateral trade barriers undermines the Kimberley Process.

US retailers express concern

In the US, a retail jewellery trade association has warned Congress about the impact of sanctions against the Russian diamond industry.

Jewelers of America (JA) met with Democrat and Republican lawmakers in the House and Senate to express frustration with the impact of sanctions.

CEO David J. Bonaparte said that a single important channel would damage the diamond supply chain while having little impact on Russia’s diamond sales revenue.

"JA has been working tirelessly behind the scenes,” he said.

“This visit to Washington, D.C. was a critical step to ensure we minimise unnecessary disruptions to the U.S. diamond industry.”

The association is urging its members to lobby Congress and explain the impact restrictions will have on retail businesses. 

More reading
De Beers requests changes to diamond sanctions timeline
Does anything truly last forever?
Diamond industry leader calls for changes to Russian sanctions scheme
Sanctions stall over concerns about the viability of tracing programs
A leap in the dark: Where will the diamond industry be in 12 months?
Controversy continues surrounding Russian diamond sanctions

 











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