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Search Results - Russia Ukraine Conflict

your search of 'Russia Ukraine Conflict' has 36 results.

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Nine rounds of sanctions have been adopted by the EU against Russia since the invasion of Ukraine with the most recent of these coming into effect in December.

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EU exploring further sanctions against Russian diamond industry

There have been renewed calls from within the European Union to place further sanctions on Russia’s diamond mining industry in response to the invasion of Ukraine. Read more »
According to the Surat Diamond Association these factories are currently working at approximately 70 per cent capacity due to weakened demand, leading to extensive loss of employment opportunities for the local population.

News
Widespread job losses due to weakened diamond demand

Decreasing demand for diamonds has led to more than 20,000 workers losing their jobs in India's cutting and polishing industry.  Read more »
According to reporting from Rough and Polished, Ivanov, who is under extensive US sanctions following the invasion of Ukraine in February, is leaving the mining company to join an investment group.

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Rumours suggest Ivanov to depart Alrosa

The CEO of Russian mining company Alrosa, Sergei Ivanov, will step down soon according to reporting from Russian business media. Read more »
According to reporting from Rapaport News, Antwerp is Russia’s most significant market for diamond sales. In 2021, around 36 percent of revenue for Alrosa, the largest Russian miner, came from Belgium. Source: Reuters – Tanya Makeyeva

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Diamonds likely spared in latest round of Russian sanctions

The European Union is currently developing the framework for further sanctions against Russia in response to the ongoing conflict in Ukraine. Read more »
The NDC was established in 2000 with the intention of advancing the trade for the entirety of the diamond value chain, from mining to retail. One core focus for the organisation was reducing the trade of ‘conflict diamonds’.

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Natural Diamond Council facing financial crisis

The Natural Diamond Council (NDC) is expected to lose approximately half of its budget for 2023, a brutal blow for the international industry advocate. Read more »
The secretive sale of Russian diamonds, worth hundreds of millions of dollars every month

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Diamond sales continue in secret, regardless of Russian sanctions

Despite various sanctions being imposed on Russia and Alrosa, the country’s largest diamond producer, the international industry is increasingly being divided. Read more »
Alrosa's full-year diamond production also rose by 8 per cent (32.4 million carats) compared with the same period in 2020 (30 million carats), due to increased output volume from the mine’s V. Munskoye and Nyurba Division deposits. Image: Alrosa

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Mining giant Alrosa revives exports despite sanctions

Questions have been raised about the effectiveness of economic sanctions placed against mining juggernaut Alrosa following reports that Russian rough diamond sales remain healthy. Read more »
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.

News
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 jeweller 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 »

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