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Search Results - Russia Ukraine Conflict

your search of 'Russia Ukraine Conflict' has 29 results.

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Among the latest round of sanctions imposed by the UK government was a 35 per cent tariff on the importation of diamonds from Russia and Belarus.

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Diamonds slapped with tariff as UK and Russia hostility continues

The jewellery industry remains entangled in hostilities between the UK and Russia as the two countries continue trading economic blows. Read more »
The term ‘responsibly-sourced’ forms a significant part of Gemfield's marketing, and it’s important to reiterate here that the Gemfields Group is not a member of the RJC. Image: Gemfields

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Gemfields, Fabergé and the Responsible Jewellery Council

It’s no secret that the Responsible Jewellery Council (RJC) has faced a barrage of criticism since the beginning of the Russia-Ukraine war. Read more »
Double-digit revenues were recorded across all business groups, especially in the US and Europe except for wine and spirits which was hounded by challenges in the supply chain.

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Luxury jewellery reports strong sales amidst conflict

French luxury conglomerate Louis Vuitton Moët Hennessy (LVMH) has reported a strong 2022 first quarter performance marking a strong rebound from the COVID-19 slump and challenges wrought by Russia’s invasion of Ukraine. Read more »

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Responsible Jewellery Council’s ‘missing’ members

As the Responsible Jewellery Council (RJC) continues to come under siege for its handling of the Alrosa situation in the wake of the invasion of Ukraine – among other issues – industry experts and commentators have called for it to be restructured instead of dismantled. Read more »
The new sanctions directive also covers companies owned by international conglomerates directly importing rough and polished diamonds from Russia that were previously not explicitly covered by the sanctions by the US issued in March.

News
US imposes crippling sanctions on Alrosa; congress asks to close loopholes

In what could be a significant blow to Russia, the US has designated state-run mining company Alrosa in its Specially Designated Nationals (SDN) roster, which increases sanctions that carry substantial economic impacts on Russian companies. Read more »
“The World Federation of Diamond Bourses (WFDB) is deeply concerned over the loss of life and suffering that is inflicted on so many as a result of the conflict in Ukraine” – WFDB Statement

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Moscow out of World Federation of Diamond Bourses

The Moscow Diamond Bourse has suspended its membership of the World Federation of Diamond Bourses. Read more »

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How responsible is the Responsible Jewellery Council?

The Responsible Jewellery Council (RJC) has experienced a tsunami of high-profile member cancellations, all questioning the management, or mismanagement, of Alrosa’s RJC membership. This may just be the tip of the iceberg. Read more »
“The Watches of Switzerland Group is shocked and appalled by the invasion of Ukraine by Russia. We stand with Ukraine and its brave people at this devastating time."

News
Major members continue to abandon Responsible Jewellery Council

The Responsible Jewellery Council (RJC) is suffering a continued exodus of major members with luxury watchmaker Watches of Switzerland and diamond mining company Alrosa exiting the organisation. Read more »
The Responsible Jewellery Council (RJC) has been thrown into chaos with internal disagreement leading to the resignation of exeutive director Iris Van der Veken today.

News
Russia causes turmoil at RJC; Executive director resigns

The Responsible Jewellery Council (RJC) has been thrown into chaos with internal disagreement leading to the resignation of exeutive director Iris Van der Veken today. Read more »
On March 30, Pandora Group and Richemont made separate public statements declaring an end their respective relationships with the Responsible Jewellery Council.

News
Exodus from Responsible Jewellery Council over Russian inaction

Two significant members of the Responsible Jewellery Council (RJC) have announced the termination of their memberships due to perceived inaction following the Russian invasion of Ukraine. Read more »
The key causes for this dip in pricing for rough remains open to investigation. It may indicate a steady flow of non-Russian product being made available to the market as economic sanctions are placed on Alrosa from European and US sources. Source: Alrosa

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Rough diamond prices dropping

Rough diamond prices have reportedly fallen after months of frenzied purchasing. The diamond industry was considered a surprise winner as the global economy rebounded from the COVID-19 pandemic and in 2021, rough diamond prices rose by more than 20 per cent after copping significant hits in 2019 and 2020. Read more »
Tiffany & Co’s decision to suspend its purchase of Russian diamonds is the latest divide to form between the retail and manufacturing sectors of the diamond industry.

News
Tiffany & Co suspends purchases of Russian rough

Tiffany & Co is the latest international jewellery retailer to take action over the conflict in Ukraine, announcing over the weekend that it will no longer purchase diamonds sourced from Russia. Read more »
Last week, the UK revealed a list of 65 new sanctions put in place against organisations and individuals identified as contributors to Russian military efforts. A list of ten key individuals or businesses were highlighted and second on that list was diamond mining company Alrosa.

News
UK government announces direct sanctions on Alrosa

Russian diamond mining juggernaut Alrosa has been directly sanctioned by the UK government in the latest round of economic sanctions imposed in response to the invasion of Ukraine. Read more »
The US tariffs penalise businesses for using diamond polishing services in China to a degree which Diamond Foundry states exceeds the cost of the manufacturing service itself. Image: Diamond Foundry

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Diamond Foundry announces lawsuit against US Government

Diamond Foundry, a US company manufacturing lab grown diamonds in California, has announced it will take legal action against the United States Trade Office. Read more »
Many people within the diamond and jewellery industry, as well as those external to it, are asking: “Should the entire global trade of all rough from Russia be blocked immediately?” Image: Alrosa's Luminous Diamonds Campaign

News
The Russian Question: deciphering the diamond disruption

The Ukraine conflict and the resulting sanctions on Russia have had a major impact on the international diamond industry. ROBERT BOUQUET analyses the effect on the distribution pipelines and what’s in store for the jewellery sector. Read more »

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