Natural Diamonds Show Resilience Through Transparency, Producer Growth and Global Market Evolution

 

DRC Artisanal Diamonds Achieve Strong Results in Antwerp Auction

Artisanal diamonds from the Democratic Republic of Congo (DRC) have achieved a positive result in Antwerp, selling above expectations in a landmark auction designed to improve market access for small scale diamond producers.

The sale, organised by the Antwerp World Diamond Centre through its OrigemA programme, featured 103.77 carats of fully traceable rough diamonds sourced from artisanal mining cooperatives in the DRC.

The diamonds achieved an average price of $66 per carat, exceeding the estimated market value of $58 per carat. The total sale value reached approximately $6,000, demonstrating the potential for responsibly sourced artisanal diamonds to compete successfully in the international marketplace.

OrigemA was created through collaboration between Belgium and the DRC to connect artisanal miners with global diamond markets. The programme aims to ensure that more value from diamond production remains within local communities, supporting areas such as mining development, agriculture, healthcare and education.

Karen Rentmeesters highlighted that the auction demonstrated Antwerp’s continued role as a leading rough diamond trading centre, where international competition helps achieve fair market pricing.

The result also reflects a wider industry movement toward greater transparency, traceability and responsible sourcing as consumers increasingly seek confidence in the origins of natural diamonds.

Diamond Industry Adapts as Producer Countries Take a Greater Role

The natural diamond industry continues to adjust to changing consumer behaviour, economic uncertainty and evolving market conditions. However, industry leaders believe important foundations are being created for future growth.

World Federation of Diamond Bourses president Yoram Dvash noted that one of the most encouraging developments is the increasing participation of African producer nations across the diamond value chain.

Countries including Botswana and Angola have strengthened their involvement through their affiliation with the WFDB, while other producing nations such as Rwanda are also seeking a larger role in shaping the future of the diamond sector.

This reflects a broader shift where producer countries are looking beyond mining and becoming more involved in trading, manufacturing, marketing and value creation.

The potential future ownership changes surrounding De Beers, currently controlled by Anglo American, further highlight the changing structure of the global diamond industry.

Greater participation from producing countries could create stronger alignment between miners, manufacturers, traders and retailers, helping build a more balanced and sustainable diamond ecosystem.

Traceability and Consumer Confidence Become Industry Priorities

Transparency remains a major focus for the diamond sector as companies work to strengthen consumer trust.

The acquisition by Gemological Institute of America of a stake in De Beers’ Tracr platform represents continued movement toward verified diamond provenance and digital traceability.

As laboratory grown diamonds become more prominent in the market, the natural diamond industry is placing increasing emphasis on communicating the rarity, geological history and emotional value of natural diamonds.

Industry leaders continue to stress the importance of investment in marketing and education to help consumers understand the differences between natural and synthetic diamonds.

Russia Holds the Largest Share of Global Diamond Reserves

Global diamond supply remains concentrated among a small number of countries, with Russia holding the largest known reserves.

Russia accounts for almost half of the world’s diamond reserves, significantly ahead of Botswana, which holds approximately 250 million carats, representing around 14.7% of global reserves.

Other major reserve holders include Angola and the Democratic Republic of Congo, each with approximately 150 million carats, while South Africa holds around 87 million carats and Zimbabwe approximately 56 million carats.

Together, Russia and Botswana account for close to 60% of global diamond reserves, highlighting the concentration of future supply potential.

Africa continues to play a central role in the natural diamond industry, with Botswana, Angola, the DRC, South Africa and Zimbabwe collectively representing a significant share of known reserves.

The Future of Natural Diamonds

The diamond industry is entering a period of transformation. Greater producer involvement, improved traceability, responsible sourcing and renewed consumer education are reshaping the market.

While challenges remain, the continued focus on transparency and cooperation across the diamond pipeline provides a pathway toward a stronger future for natural diamonds.

The industry’s ability to adapt while preserving the rarity and uniqueness of natural diamonds will remain central to maintaining consumer confidence and long term value.

Source: DCLA

Russia Moves to Ban Lab Grown Diamond Terminology in Major Industry Shift

 

The global diamond industry is facing another major terminology debate as Russia introduces some of the strictest rules yet regarding the sale and description of laboratory grown diamonds.

From 1 September 2026, new Russian regulations will restrict how synthetic diamonds can be marketed, with the aim of creating a clearer distinction between natural diamonds and stones produced through laboratory technology. Under the new rules, the word “diamond” and related terms will be reserved for natural diamonds, while laboratory created stones must be identified as “synthetic”.

New Rules Focus on Consumer Transparency

The Russian government has stated that the changes are designed to improve transparency and prevent consumers from confusing synthetic stones with natural diamonds. Retailers will be required to clearly disclose the origin of the stone, and synthetic diamonds will need to be labelled accordingly.

The new regulations also restrict the use of traditional diamond terminology when describing synthetic stones. Words associated with natural diamonds, including “natural”, “genuine”, “real”, “precious”, “mined” and similar descriptions, will not be permitted in connection with synthetic products.

In addition, synthetic stones will not be marketed using traditional diamond grading language relating to colour, clarity or carat weight. Instead, their weight must be disclosed in grams rather than carats under the new framework.

A Clear Divide Between Natural and Laboratory Created Diamonds

The move reflects a growing global discussion about how the jewellery industry communicates the difference between natural diamonds and laboratory grown diamonds.

Natural diamonds are formed deep within the Earth over billions of years and are valued for their rarity, geological history and limited supply. Laboratory grown diamonds are created using advanced technology that replicates the conditions required for diamond formation, producing stones with the same chemical composition and crystal structure as natural diamonds.

The key difference is not the material itself, but the origin and rarity.

Impact on the Global Diamond Market

Russia is one of the world’s largest producers of natural diamonds, and the introduction of stricter terminology rules comes at a time when laboratory grown diamond production has expanded rapidly worldwide.

The rise of laboratory grown diamonds has transformed parts of the jewellery market, particularly among consumers seeking larger stones at lower prices. However, the significant price decline of many laboratory grown diamonds has also raised questions about long term value, resale potential and the role of rarity in diamond ownership.

For the natural diamond industry, clear terminology remains a central issue. Industry organisations have long argued that consumers should understand exactly what they are purchasing and that natural diamonds and laboratory grown diamonds should not be marketed in a way that creates confusion.

The Importance of Independent Diamond Certification

As the market continues to evolve, independent diamond certification remains essential. A professional grading report provides consumers with confidence by identifying whether a stone is natural or laboratory grown and documenting its characteristics.

Laboratories such as the Diamond Certification Laboratory of Australia play an important role in maintaining transparency and trust within the diamond trade through scientific examination and accurate reporting.

The Russian decision highlights a broader global movement towards clearer diamond disclosure. As technology continues to reshape the industry, accurate terminology and independent verification will remain critical in protecting consumer confidence.

Source: DCLA

Alrosa Upbeat, Despite Tariffs and Lab Growns

Alrosa CEO Pavel Maryinchev gave a remarkably upbeat assessment of the natural diamond market, telling the Times of India (TOI) that the industry is adapting well to US tariffs and that the threat from synthetic diamonds is diminishing.

Maryinchev (pictured) highlighted two major factors behind his optimism: steady global demand for jewelry and a decline in diamond production. “Inventories throughout the diamond pipeline are gradually normalizing, creating favorable conditions for price recovery,” he said.

Alrosa, Russia’s state-owned and sanctioned diamond miner, reported a 24 per cent drop in revenue in the first half of 2025 and has suspended production at several low-margin mines.

But Maryinchev remains confident. “Our expectations are that the high import tariffs will not have a long-lasting impact, and businesses will be able to adapt and minimize the effect,” he said.

He also pointed to a significant decline in wholesale prices for lab-grown diamonds, which fell nearly 40 per cent year-on-year in Q3 2025, reducing the competitive pressure on natural stones.

“Fears that synthetic substitutes might replace natural diamonds are becoming less likely to come true every year,” he told TOI.

He noted that, with no major new deposits discovered and existing mines producing less, supply constraints are increasingly stabilizing the market.

Global rough diamond production is expected to fall to 100 million carats in 2025, a 30-50% decline compared to six to eight years ago.

Maryinchev said the effect of US tariffs on demand was muted because luxury jewelry buyers tend to be less price-sensitive, and retailers can temporarily adjust markups.

“Diamond jewelry manufacturers may need time to adapt, but we expect India’s demand to recover once the first positive sales figures post-tariffs are achieved,” he said.

Source: DCLA

Russia Partners with Belarus

Russia is joining forces with its ally Belarus to promote jewelry exports to China, the UAE, Vietnam, and Southeast Asia, in response to G7 sanctions.

The collaboration was agreed last Friday (4 April) after Russia’s deputy finance minister Alexei Moiseyev (pictured) met Belarus’s finance minister Yury Seliverstov in the Belarus capital, Minsk.

Both sides discussed further developing e-commerce in jewelry made in Belarus and Russia, as well as the mutual recognition of state standard marks.

The two countries are close trade partners and Belarus has been sanctioned for supporting Russia’s invasion of Ukraine.

“A marketplace for the sale of Belarusian and Russian jewelry on foreign markets is planned to be launched in test mode this year, Moiseyev said, according to BelTA, Belarus’s state news agency.

He said the Eurasian Development Bank, founded jointly by Russia and Kazakhstan, was taking part in the collaboration.

Source: IDEX

Mining Company Alrosa Unveils Russia’s Largest-Ever Diamond

Russian diamond producer Alrosa announced Friday that it finished the two year cutting process of the country’s largest ever diamond a 100 carat vivid yellow stone named New Sun.

New Sun was cut from a billion year old 200 carat rough diamond, which was unearthed from an ancient riverbed at the Ebelyakh mine in the Far East republic of Sakha (Yakutia).

Alrosa said 15 of Russia’s top jewelers worked meticulously to “achieve the perfect balance between light, color and the play of shades.”

“Thanks to the highest skill of Russian experts, the diamond has acquired impeccable proportions that accentuate its depth and brightness of its sunny hue,” the company said.

The cutting process marks a “new stage” in the development of the Russian Cut, a gem cutting technique known for its precision and brilliance, Alrosa said.

“New Sun is one of the most significant events in the gemstone industry in recent years, highlighting Russia’s high status in the global diamond industry,” the company said.

Last month, Alrosa announced the temporary suspension of operations at several less profitable sites, reducing annual production by less than 1 million carats. The company still plans to produce 29 million carats of diamonds in 2025.

Alrosa, which is under an EU and G7 import ban, is the world’s largest diamond mining company by volume. It cut production by 2.8% to 34.6 million carats in 2023 and by 4.6% to 33 million carats in 2024.

Source: DCLA

Alrosa set to Sell More Rough to Government

                                       Rough diamond weighing 390.7 carats

The Russian government could buy more rough diamonds from the state-run miner Alrosa, as it faces ongoing G7 sanctions and weak global demand.

The Finance Ministry says it will assess the situation after seeing second quarter results.

Alrosa last week reported a 77 per cent slump in profits for 2024 (down to $223m) and has said it could suspend some less profitable activities and lay off some of its 35,000 workers.

“As we have already said, it is possible that Gokhran will buy some of the stones, said Deputy Finance Minister Alexey Moiseyev, according to a report by the privately-run Interfax news agency.

“At this stage, we are still observing the market dynamics, indeed, it is quite weak, but not much time has passed. In principle, the first quarter is rarely good.”

Alrosa has previously offloaded excess inventory to Gokhran, the Russian State Precious Metals and Gemstones Repository in times of weak demand.

During the financial crisis of 2009 Gokhran bought up $1bn of Alrosa’s diamonds. And it sold back millions of carats in 2022, when a surge in post-lockdown demand outstripped the miner’s production capacities.

Last November it said it would be selling a batch of rough diamonds, including its largest recovery in a decade – an irregular-shaped diamond weighing 390.7 carats

Source: DCLA

US Diamond Importers Must Declare Country of Origin

New rules announced by US Customs and Border Protection (CBP) will require all diamond importers to declare the country of origin of all goods.

The move, to be implemented in April, is aimed at enforcing sanctions on Russian diamonds.

Importers have been required, since last March, to certify that their goods are not Russian, but not to disclose where they are from.

The G7 nations – including the US and EU – imposed a ban on Russian diamonds of 1 carat or more from March 2024 and on goods of 0.5 carats or above from September 2024.

Despite the sanctions, Russia is still thought to be exporting 40 per cent of its diamonds output because they are below the size threshold or industrial quality.

The US Customs and Border Protection (CBP) said in a statement that it plans to start collecting additional data in April on jewelry imports (and seafood) requiring filers to provide the country of mining.

They’ll be required to upload a PDF document on official company letterhead to CBP’s automated commercial environment (ACE) document image system.

The requirement applies to both loose diamonds and jewelry containing diamonds. Jewelry imports without diamonds are exempt.

The carat size threshold is not mentioned in the CBP announcement.

Source: IDEX

ALROSA Predicts Rising Demand and Diamond Prices in 2025

Russian diamond giant Alrosa

The high demand for jewelry and a decline of up to 20% in global diamond mining volumes compared to levels recorded 5-6 years ago will drive the industry’s growth, according to Sergey Takhiev, Head of Corporate Finance at Russian diamond giant Alrosa, reported by Rough&Polished.

According to Takhiev, while diamond prices are currently at a low point, demand is expected to grow due to a reduction in diamond inventories at manufacturing centers in India and a decline in diamond production volumes by major mining companies.

When asked about the timeline for market inventory replenishment, Takhiev estimated it would likely occur within a few months. He explained that the restocking of rough and polished diamond inventories is expected to impact the entire value chain, from manufacturers to retailers. Takhiev further emphasized that the depletion of global diamond resources, coupled with growing demand for luxury jewelry, is set to drive long-term price increases.

Meanwhile, ALROSA announced that the company’s Deputy CEO, Vladimir Marchenko, who has held the position since 2018, will step down to take on another role in the mining industry.

Source: DCLA

Botswana to become certifier in G7 Russian diamond ban

Major African diamond producer Botswana will join Antwerp as an origin certifier of rough diamonds for export to the G7 which banned imports of Russian stones from the start of this year, a joint statement said on Wednesday.

The addition of Botswana looks set to salvage implementation of the ban. The initial system would have seen all diamonds go through Europe’s diamond hub in Antwerp for verification, backed by a new tracing system.

African diamond producers Angola, Botswana and Namibia, as well as diamond miner De Beers, had said the mechanism was unfair and would hurt their economies.

“Botswana and the G7 diamond technical team are now crafting a roadmap to address any identified gaps, aiming to have the export certification node fully operational in Botswana as soon as possible next year,” the statement said.

The Group of Seven (G7) nations ban on direct Russian diamond imports took effect on Jan. 1, followed by a ban on Russia-origin diamonds via third countries from early March.

The tracing system was meant to be up and running by Sept. 1, but the EU delayed the implementation to March 2025.

Source: Mining.com

Russia to continue buying diamonds through state fund in 2025

Russia will continue to buy diamonds through a state fund in 2025 in order to support the diamond industry and market, Deputy Finance Minister Alexei Moiseev said on Thursday.

The Russian budget for 2025-2027 has set aside $1.55 billion for the purchase of precious metals and gems, Moiseev said in a statement.

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Russia will continue to ensure “stable global rough diamond prices in the wake of oversupply in the current market,” the same statement said.

State-owned precious metals and gems repository Gokhran resumed buying diamonds from Alrosa in March 2024. Alrosa, under US and EU sanctions, is the world’s largest producer of rough diamonds by volume with 30% of the market.

Source: DCLA

Russia Increases Rough Exports to India

Russian exports of rough diamonds to India increased by well over a fifth, to 4.1m carats, during the first six months of the G7 sanctions.

Total sales were up by 22.23 per cent for January to June 2024, according to the Indian Ministry of Commerce and Industry. But revenue fell by 15.22 per cent, as prices keep declining, from $614m to $520m.

Russian exports for June alone were 347,620 carats, an increase of almost 32 per cent on the same month last year.

The G7 and EU nations imposed sanctions on all Russian diamonds of 1.0-cts and above, regardless of where they were cut and polished, from 1 January. The threshold was lowered to 0.50-cts and above from 1 September.

Rough diamonds imported from Russia to India can only be sold to markets beyond the G7 and EU.

India’s diamond industry has been calling on the government to allow direct payments to Russia so it can more easily buy sanctioned goods.

Source: DCLA

Lucara sold 76 387 ct during the second quarter

Diamond producer Lucara Diamond Corp sold 76 387 ct of diamonds, generating $41.3-million in revenue, during the second quarter ended June 30.

The company recovered 92 419 ct of diamonds at a grade of 12.9 ct for every 100 t of direct milled ore.

Additionally, 8 349 ct were recovered from processing historic recovery tailings. The company recovered 206 special diamonds, defined as rough diamonds weighing more than 10.8 ct, representing 6.9% by weight of the total recovered carats from the second quarter’s processed ore. This aligns with the company’s expectations, Lucara said.

Noteworthy recoveries during the period included a 491 ct Type IIa diamond, a 225.6 ct Type IIa diamond and a 109 ct Type IIa diamond.

Significant progress was made in shaft sinking for the ventilation and production shafts during the second quarter, with the critical path ventilation shaft ahead of the July 2023 rebase schedule. By the end of the quarter, the production and ventilation shafts had reached depths of 557 m below collar and 550 m below collar, respectively.

Operational highlights from the Karowe mine for the quarter included ore and waste mined of 700 000 t, with ore processed totalling 700 000 t.

Financial highlights for the second quarter revealed operating margins of 67%, compared with 59% in the second quarter of 2023. This strong operating margin is attributed to robust pricing for the company’s larger stones and cost reduction initiatives, supported by a strong dollar.

The operating cost was $26.32/t processed, a 6% decrease from $27.97/t in the second quarter of 2023 and consistent with the $26/t in the first quarter of this year.

Lucara believes the impact of inflationary pressures, particularly in labour, was well-managed by the operation, with a strong dollar offsetting a slight increase in costs compared with the previous period.

Adjusted earnings before interest, taxes, depreciation and amortisation (Ebitda) were $18.8-million, up from $16.5-million in the second quarter of 2023, driven by increased revenue and lower operating expenses.

During the second quarter, the company invested $11.2-million into the Karowe Underground Project (KUP), excluding capitalised cash borrowing costs. The ventilation shaft sank 128 m, and development of the 470-level station, located at about 550 m below collar, began.

Production shaft activities included the sinking of 104 m and the completion of three probe hole covers, with no water being intersected. A total of 26 m of lateral development on the 470-level, along with the 470-level station development, was completed.

As of June 30, Lucara reported cash and cash equivalents of $21.9-million and working capital of $21.7-million. The company had drawn $165-million on the $190-million project facility for the KUP, with an additional $25-million drawn on the $30-million working capital facility and a cost overrun reserve account balance of $37.5-million.

The Karowe mine registered no lost-time injuries during the second quarter, taking the mine to more than three years without a lost-time injury.

“Lucara’s performance this quarter reaffirms our position as a leader in the diamond industry. Our . . . safety and operational excellence [record] continues to drive our success, with both our openpit operations and underground construction progressing admirably. The Underground Expansion Project, in particular, is advancing well, with shaft sinking progress surpassing our expectations,” Lucara president and CEO William Lamb said on August 12.

Lucara noted that, in the diamond market, the long-term outlook for natural diamond prices remains positive owing to improving supply and demand dynamics, largely driven by long-term reductions from major producing mines.

However, the market for smaller-sized diamonds remains soft, impacted by a weak Asian market and the rise of laboratory-grown diamonds.

Lucara said demand for larger diamonds over 10.8 ct remained robust, as reflected in the company’s sales.

However, the G7 sanctions on Russian diamonds over 1 ct, effective March this year, have caused some trade delays owing to new regulations requiring these diamonds to be processed through the Antwerp World Diamond Centre for origin verification.

Lucara, with its established operations producing Botswana diamonds, stands to benefit from this heightened focus on origin verification.

Sales of laboratory-grown diamonds increased steadily through 2023 and into this year, with many smaller retail outlets increasingly adopting these diamonds as a product.

In the second quarter, diamond producer De Beers announced that it would cease creating synthetic diamonds and focus on selling natural diamonds. This decision aligns with several major brands confirming they would not market laboratory-grown diamonds.

Lucara said the long-term impact was expected to support the natural diamond market, with a bifurcation between the natural and laboratory-grown diamond markets expected in the medium term.

The company believes that the longer-term market fundamentals for natural diamonds remain positive, as demand is expected to outstrip future supply, which has been declining globally over the past few years.

Source: DCLA

Russian exports of diamonds to Hong Kong up 18-fold in 5M24

ALROSA MINING COMPANY, RUSSIA

In the first five months of the year, imports of Russian diamonds to Hong Kong increased 18-fold year on year, according to data from Hong Kong’s Statistics Bureau published on its official website on June 30.

Hong Kong has dramatically stepped its imports of diamonds from Russia, purchasing $657.3mn worth of Russian diamonds in the first five months of 2024.

In the period from January to May 2024, Hong Kong’s imports of Russian diamonds soared from $36.5mn a year earlier to $657.3mn. As a result, Russia has become the third-largest supplier of diamonds to Hong Kong, with its share of total diamond imports rising to 12% from just 1% in 2023.

India remains the leading supplier of diamonds to Hong Kong, with imports valued at $2.9bn, followed by Israel with $716.6mn. Notably, both India and Israel, unlike Russia, do not mine diamonds themselves.

The substantial increase in Hong Kong’s diamond imports from Russia highlights a significant shift in the global diamond market. Dubai has also become a major market for the trade in Russian diamonds.

As bne IntelliNews reported, the EU included sanctions on Russian diamond exports as part of the twelfth sanctions package, but due to intensive lobbying by Belgium, where Antwerp is the leading European diamond market and the number-one destination for rough diamonds from Russian miner Alrosa, the sanctions were watered down and will be phased in gradually.

Russian diamond sanctions watered down again

Afraid of losing the diamond business completely to the growing rival markets in Asia and the Middle East, the EU has watered down the restrictions on trading Russian diamonds again last week.

The EU has extended the “sunrise period” for sanctions on Russian diamonds by six months and included an important concession for goods that predate the new rules, according to a statement released by the EU on June 24.

The EU also said the update “fine-tunes” the import ban on Russian diamonds included in the twelfth package and is included as part of the fourteenth sanctions package. Earlier in June, De Beers called for a one-year extension to the sunrise period for the G7 sanctions on Russian diamonds, but it is up to the individual countries to rule on the implementation of the ban.

The mandatory traceability programme for imports of rough and polished natural diamonds will now take effect on March 1, 2025 instead of September 1, 2024. This extension is intended “to allow more time to set up the G7 traceability scheme,” the EU explained reports Rapport.

This decision comes in response to calls from diamond trading powerhouse De Beers and other industry leaders to extend the interim period during which importers can use alternative documentation to prove that diamonds are not of Russian origin. Once this period ends, importers into the EU must use a traceability-based certification scheme to verify imports of diamonds over 0.50 carats.

Additionally, the EU has introduced a “grandfathering” clause to exempt diamonds that were already located in the EU or a third country other than Russia – or were manufactured in a third country – before the new rules were implemented. The EU ban on direct imports of diamonds from Russia began on January 1, 2024, while the ban on goods processed outside Russia started on March 1, 2024.

The EU said that these pre-existing diamonds no longer provide revenue to Russia.

“We are extremely pleased that, after months of intense negotiations, we have succeeded in pushing the needle to allow regularisation of so-called ‘grandfathered stock,’” said the Antwerp World Diamond Centre (AWDC). “Sanctioning these goods and prohibiting their trade would impose an unfair and severe financial burden on diamond companies without significantly impacting Russia’s revenues.”

The extension and concession aim to balance the need for stringent sanctions with the “practical realities of the diamond industry,” providing additional time and clarity for businesses to adapt to the new regulations.

Moreover, temporary imports or exports of jewellery, for example for trade fairs or repairs, will not fall under the ban. In addition, the EU has delayed the prohibition on jewellery incorporating Russian diamonds processed in third countries until the European Council, the EU’s executive arm, “decides to activate” it, the EU statement said.

The US currently has the strictest limits on Russian trade, requiring self-certification for diamonds of 1 carat or lower, falling to 0.50 carats on September 1. Larger diamonds are not covered by the sanctions.

Source: Intellinews.com

Russia Seeks New Markets as "Illegal Unilateral Restrictions" Bite

Russia is seeking to strengthen ties with Brazil, India, China, and South Africa and other BRICS countries in response to tighter sanctions on diamonds from the G7 and EU.

Setting an agenda for “equal and fair interaction between the parties involved in all segments of the global diamond trade” was the focus of a roundtable discussion at the St. Petersburg International Economic Forum earlier this month.

Russia currently chairs BRICS (the initial letters of Brazil, Russia, India, China, and South Africa. Later additions are Iran, Egypt, Ethiopia, and the United Arab Emirates).

“The only universal mechanism for regulating the global diamond trade, the Kimberley Process Certification Scheme (KPCS), is being undermined by the attempts of numerous countries to introduce unilateral trade barriers,” said BRICS in a statement.
Alrosa CEO Pavel Marinychev 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.”

Russia warned back in November 2023 that sanctions on it diamonds would have a “boomerang” effect – harming the countries that imposed them more than Russia itself.

Nikolayev Aysen, head of Russia’s Yakutia republic, where state-controlled diamond miner Alrosa is based, told the BRICS audience: “Given the illegal unilateral restrictions that certain Western countries have imposed on Russian diamonds, it is crucial for us to support the efforts of ALROSA, which aim to diversify international supply markets. For example, this will make it possible to maintain the sustainable socioeconomic development of Yakutia.”

Source: DCLA

The US is reportedly rethinking plans to ban Russian diamonds amid industry pushback

The US is rethinking restrictions on Russian diamonds after a wave of pushback from the industry and nations heavily involved in the diamond trade, Reuters reported on Monday.

Western countries have placed stiff restrictions on Russia’s diamond trade, with fresh sanctions in December banning the gems throughout the European Union. That’s a step up from the initial sanctions, which previously allowed the trade of Russian diamonds that were polished in other countries.

Diamond traders now need to self-certify that the gems they sell are not of Russian origin. By September, diamond traders in the European Union will need to send diamonds through a certification system in Belgium before selling them.

Those measures have helped crimp Russia’s war revenue, given that the nation is one of the largest producers of diamonds in the world. Yet the US, one of the world’s largest diamond consumers, could pull back on its commitment to implement the latest restrictions, three people familiar with the matter told Reuters.

Two sources said the US had pulled back on working with the G7 to implement the diamond ban and certifying that gems were not of Russian origin. Officials are “there but not engaging” in the discussion, one person said.

A senior White House official told Reuters the US would continue to work with the G7 on the Russian diamond ban, and that it had not changed its mind on the issue, but they noted several obstacles in enforcing the latest restrictions:

“We will want to make sure that we strike the right balance between hurting Russia and making sure that everything is implementable,” the official said.

The government has received pushback from firms and nations heavily involved in the diamond trade. Some African nations and Indian diamond polishers have complained about the latest restrictions, warning that the ban was faulty in its design and could raise problems in the industry. Diamond prices could also rise due to scarcer supply, they warned.

Virginia Drosos, the CEO of Signet, asked the US government to “stand against … the G7 Belgian solution,” according to a letter seen by Reuters.

De Beers, one of the world’s largest diamond miners, said it supported a ban on Russian diamonds but wants diamonds to be verified at the source of production, rather than in Belgium.

“The opportunities for, and likelihood, of Russian diamonds infiltrating the legitimate supply chain are in fact higher when you move further away from the source,” it told Reuters.

Source: DCLA

Russia’s Alrosa says output stable amid Western sanctions

Russian diamond miner Alrosa has no plans to reduce production amid tougher Western sanctions, its chief executive Pavel Marinychev said on Thursday.
The Russian finance ministry said last month that Russia will regularly buy diamonds from the sanctions-hit producer through a state fund, suggesting that Western restrictions on the country’s diamond exports may be having some impact.
Group of Seven (G7) countries banned direct imports of Russian diamonds in January. A European Union and G7 ban on imports of Russia-origin diamonds via third countries came into effect last month.

Source: DCLA

Antwerp World Diamond Centre CEO resigns amid Russia diamond sanctions

Antwerp World Diamond Centre (AWDC) chief executive Ari Epstein resigned unexpectedly on Thursday, the AWDC’s board of directors said in a statement.

A spokesperson for AWDC, Belgium’s main diamond industry group, said on Friday that Epstein, who had been CEO for 13 years, did not wish to communicate about the reason for his sudden departure, but Belgian financial newspaper De Tijd reported that Russian diamond sanctions had been the cause of conflict between the diamond sector and the Belgian government.

AWDC did not say who would replace Epstein as CEO. Epstein did not immediately respond to a request for comment sent via LinkedIn.

Following an EU ban on Russian-origin diamonds that took effect on March 1, rough and polished diamonds have to enter the EU and G7 countries with documentary proof and declarations that the stones are not of Russian origin.

Antwerp’s diamond dealers have said they are facing long and costly delays as a consequence.

Source: DCLA

Belgian police conduct raids after suspected Russian diamonds seized

Antwerp police conducted six raids on Wednesday and made four arrests as part of an investigation into some diamond imports suspected of being Russian-origin, Antwerp’s public prosecutor office said in a statement on Friday.

The investigation is the first related to the EU and Group of Seven (G7) import ban on diamonds from Russia that began on Jan. 1 to punish Moscow for its invasion of Ukraine. A wider ban on Russian-origin stones imported via third countries began on March 1. Russia’s state-owned company Alrosa is one of the world’s largest diamond miners.

The investigation was launched after customs officials seized diamonds in late February, the statement said. A spokesperson for the prosecutor said three shipments had been confiscated.

The Belgian city has for centuries been a global diamond hub, particularly for rough diamonds, though 90% of polishing is now done in India.

Sources familiar with the matter said the value of the three seized shipments was in the millions of euros. One source specified the overall value was around 8 million euro ($8.64 million).

A spokesperson for the prosecutor declined to comment on the combined value of the shipments. In the statement, the prosecutor’s office added that documents and digital media were seized during the raid.

Source: DCLA

Would be interesting to know how they test for origin