Marking one year from the beginning of Putin’s invasion of Ukraine, diamond traders across the US, UK, and EU have all been alerted to prepare for imminent sanctions on the import of diamonds originating from Russia. One-third of the world’s rough diamond supply emanates from Russia and previously, no measures had been taken with the trade. The Jewelers Vigilance Committee (JVC) have issued a statement warning diamond industry professionals of what’s to come due to the effects of the Russia-Ukraine war.
The JVC states these sanctions are likely to apply restrictions to and target polished diamonds, regardless of where they are cut and polished. “Any suppliers abroad who are still purchasing diamonds from Alrosa [Russian mining company] will likely need to begin segregating those goods to ensure they do not reach the US market and should be prepared to make customs declarations that their goods do not contain Russia-origin products,” the JVC adds. Despite retaliation from western officials, a recent report demonstrates that diamond sales in Europe have increased since the invasion of Ukraine.
The EU released a statement regarding the latest sanctions that have been introduced, “We reaffirm our commitment to strengthening the unprecedented and coordinated sanctions and other economic measures the G7 and partner countries have taken to date to further counter Russia’s capacity to wage its illegal aggression.” Despite these restrictions on Russian diamonds, there continue to be loopholes, and instances where Russian diamonds are polished abroad in countries like India, and later permitted for import.