Jennifer Lopez and Ben Affleck have got engaged for the second time
After rekindling their highly publicised relationship last year, the Hollywood power couple are taking another shot at tying the knot.
Lopez sparked rumours of an engagement when she was spotted wearing a massive diamond ring last week, and has since confirmed the news of the year with her recent On The JLo newsletter.
In the video in her newsletter, J.Lo showed off her sparkler, which is believed to be an 8.5 carat natural green diamond! It’s estimated to be worth a whopping $10 million!
So, why green? Well, it turns out it’s her lucky colour.
8.5 carat natural green diamond
“I always say the colour green is my lucky colour….Maybe you can remember a certain green dress. I’ve realised there are many moments in my life where amazing things happened when I was wearing green,” she wrote.
When Affleck first proposed to Lopez back in 2002, he did so with a Harry Winston 6.1 carat pink diamond ring, which J.Lo said was “the most magnificent thing I’ve ever seen.”
Alrosa, the world’s top diamond producer by output, has been hit by fresh sanctions imposed by the US Department of the Treasury’s Office of Foreign Assets Control (OFAC).
The OFAC announced late on Thursday it had placed Alrosa on the Specially Designated Nationals (SDN) list, which effectively kicks a sanctioned company out of the US banking system and bans its trade with Americans.
The measure against the Russian state-owned diamond miner seeks to cut off additional sources of revenue for Moscow, the government agency said.
It also affects any entities in which Alrosa has a 50% interest or more, either directly or indirectly.
The company’s customers well as other counterparties must stop all dealings with the state-controlled Russian miner by May 7, Treasury said.
Shares in the company collapsed on the news, closing nearly 13% lower on Friday trading in Moscow.
Alrosa and its chief executive Sergei S. Ivanov were included in the first wave of restrictions announced by Washington, which restricted the company’s ability to raise new debt and equity in the US.
“These actions, taken with the Department of State and in coordination with our allies and partners, reflect our continued effort to restrict the Kremlin’s access to assets, resources, and sectors of the economy that are essential to supplying and financing Putin’s brutality,” Treasury said in the statement.
The European Union and the UK have also imposed sanctions on the miner following Russia’s invasion of Ukraine.
Diamonds are one of Russia’s top ten non-energy exports by value, with exports in 2021 totalling over $4.5 billion, it noted.
Alrosa is responsible for 90% of Russia’s diamond output and 28% of global supply, with 32.4 million carats produced in 2021 and sales topping $4 billion thanks mainly to consumer demand from the US.
Loopholes Experts have noted the sanctions against the miner carry a significant loophole. Russia’s rough diamonds are sent to another country — usually India — where they are polished and cut, which makes them the product of that nation in the global market.
Another issue is that diamonds of various origins are often mixed once polished, which can make it more difficult for companies that independently vow to stop buying Russian goods.
The Responsible Jewellery Council (RJC), the leading standards organization of the global jewellery and watch industry, took steps into that direction in early April and suspended Alrosa’s membership.
“Fundamentally, we remain focused on RJC’s purpose, which is to ensure all jewellery is responsibly sourced,” the group’s char David Bouffard said in the statement.
World’s top diamond miner Alrosa hit by US sanctions The main markets for Alrosa, which employs about 32,000 people, are the US and Asia (Photo: Dmitry Amelkin, Transformation Director of Alrosa’s Polishing Division. Courtesy of Alrosa | Twitter. ) US-based jewellers Tiffany & Co. and Signet Jewelers said in March they would no longer buy new diamonds mined in Russia.
Alrosa withdrew in March from the Natural Diamond Council (NDC), a market alliance of the world’s leading producers of precious stones. By doing so, the company not only stepped down from the board, but it also cut all financial contributions.
The Mirny, Sakha-based miner also has a 41% stake in Angolan diamond production firm Catoca, which is not affected by the latest US sanctions given the OFAC.
While the full effects of the sanctions on the already undersupplied global rough diamonds market are not yet clear, the Antwerp World Diamond Centre (AWDC) has said there was a chance the restrictions could prove counterproductive.
“It is a blow that should hurt Russia but there is a chance that we do more damage to ourselves,” spokesman Tom Neys told Belgian newspaper Gazet van Antwerpen. “The Russians can easily trade their diamonds with non-EU countries and outside the US.”
The diamond jewelry industry is going into the year with diamond supply at historically low levels, estimated by Bain & Company at 29 million carats in 2021. “Upstream inventories declined ~40%, driven by high demand and slow production recovery, and are near the minimal technical level,”
Russian miner Alrosa has suspended its membership in the Responsible Jewellery Council (RJC), both organizations announced last week.
The development came just over a month after Russia’s invasion of Ukraine. The RJC board of directors voted to accept Alrosa’s decision, the standards groups said Friday.
Alrosa exited the RJC board in early March, but remained a member of the organization. RJC received criticism for not removing the company: Last week, luxury group Richemont and jeweler Pandora both stood down from the organization in protest, while RJC executive director Iris Van der Veken resigned over the issue.
The organization defended itself, noting that it was waiting for the outcome of a legal review.
“Beginning on March 3, the [RJC] board immediately began a comprehensive, third-party legal review to ensure it had the appropriate authority, within its constitutional documents, to take action,” the RJC statement continued. “The law firm selected — having concluded its own standard conflict of interest assessment — commenced their review of RJC’s governance, the board’s authorities, training modules and many other documents and processes.”
Sanctions by the US and UK governments during February and March complicated the situation and delayed completion of the review, the RJC explained. The board received the final document in the middle of last week.
“Taking any action prior to the delivery of the legal opinion would have exposed the RJC to significant legal risk,” it argued.
Alrosa — in which the Russian government owns a 33% stake — confirmed its suspension, saying it cared for the industry “as much as it cares for its mining communities.”
The company “believes in the diamond industry and the people who work to make it great all over the globe,” the statement continued. “We are one of the major contributors to the sustainable development of this industry. We will continue to uphold our highest standards of responsible business conduct and business ethics that are an integral part of our culture and principles.”
Major jewellers are ditching Russian diamonds after facing increased scrutiny over how Russia’s state-controlled diamond monopoly could fund Putin’s war on Ukraine.
A host of high-profile international jewellers, including American brand Tiffany & Co, Swiss watch and jewellery-maker Chopard, Signet, the largest retailer of diamond jewellery, and Pandora, the world’s largest jeweller, have released statements saying they will stop buying diamonds – or in the case of Pandora, any materials – of Russian origin.
In mid-march, the Guardian reported on growing concerns that trade with Russia’s partly state-owned diamond miner was lining Russian state coffers, and could be funding Russia’s invasion of Ukraine; as well how jewellers could easily – and legally – circumnavigate sanctions by buying Russian stones processed through India. In the days since, multiple major retailers said they would stop sourcing Russian diamonds. This week, Pandora and Chopard were the latest to announce the move, with both saying they had instructed all suppliers to stop sourcing raw materials of Russian origin. They followed moves by Tiffany and Signet earlier in March.
Russia produces about 30% of the world’s diamonds – 98% of which are mined and sold by Alrosa, an enormous mining monopoly with close ties to the Kremlin. A third of Alrosa is owned by the central government, and another third by regional governments – the Russian republic of Yakutia and its administrations. The company brings in significant profits for its government shareholders, reporting sales of $4.16bn in 2021, resulting in a net profit of 91bn rubles ($943m). Putin has said in the past that it “gives serious revenues to the federal budget and regional budget”.
Russian mines produce 30% of the world’s diamonds Jewellery industry accused of silence over Russian diamonds Read more Both the US and UK have introduced sanctions forbidding companies from doing direct business with Alrosa. The sanctions alone, however, are unlikely to stop the flow of Russian diamonds to the west, because the vast majority are exported rough to India, where they are cut and polished. Under US customs rulings, this is considered a “significant transformation” – so polished diamonds can be legally imported as an Indian product, not a Russian one.
Decisions over whether to truly pause trade of Alrosa’s diamonds will therefore fall to the industry, and to key certification bodies. Within the sector, however, a storm has been brewing over “responsible sourcing” groups that have remained quiet on sourcing of Russian diamonds, with multiple high-profile members resigning in protest.
The Responsible Jewellery Council (RJC) – one of the crucial jewellery watchdogs – was set up to help regulate the sector, improve its reputation, promote responsible sourcing, and eliminate “conflict diamonds” from supply chains. The Guardian reported earlier in March that the council had been accused of silence over Russian diamonds although it has issued guidance that members should comply with sanctions. While Alrosa has stepped down from the organisation’s board, it remains a member and has kept its “responsible” certification. The council has a number of past or present long-term Alrosa customers on its board.
Now, the council is facing a wave of exits. Brands that have announced they are leaving over the Russian diamonds issue include Pandora, Richemont, the owner of Cartier, and Kering, the owner of high-fashion brands including Gucci and Saint Laurent. On Wednesday, the organisation’s executive director Iris Van der Veken resigned over its handling of the issue. Van der Veken declined to comment.
Vladimir Putin sits at a large desk in a meeting with Azerbaijani president Ilham Aliyev (not seen) in Moscow on 22 February. Putin advisers ‘afraid to tell him truth’ about Ukraine error, says GCHQ head Read more In a statement, Richemont, the owner of Cartier, said it was leaving the organisation in protest. “Richemont and its maisons do not wish to be members of an industry organisation that includes companies that contribute to financing conflicts and wars.”
Pandora representatives said the company was leaving the council after 12 years as a member, over its “failure to suspend Russian companies’ memberships and responsible business certifications and urge its members to suspend business with Russia. Pandora had previously requested that RJC take such actions.”
“The war requires all businesses to act with the utmost responsibility regarding any interactions or business dealings with Russia and Belarus. Pandora cannot in good faith be a member of an association that does not share our values,” chief executive Alexander Lacik said.
Gucci and Balenciaga owner Kering said the brand “does not want to be associated in any way with business practices that contribute to an endorsement of war.”
“The RJC is at a crucial crossroads,” said Cristina Villegas, director of the Mines to Markets program at development organisation Pact. “The current definitions of responsibility are silent on what happens when a company’s assets are being used to directly and indirectly fund an unprovoked conflict that’s displaced millions of people.”
RJC chair David A. Bouffard said in a statement that the council had “commenced an arm’s length, independent, third-party legal assessment … to consider the status of Alrosa as an RJC member”.
“The pace of this process may be frustrating, but this is an unprecedented situation, which is constantly changing and requires that the time be taken, to ensure that due process is followed as exhaustively as possible.” Bouffard said the process would conclude “imminently”.
Brad Brooks-Rubin, strategic adviser to the council, said the exodus of members was significant for the industry. “If the current trajectory continues and more members [leave]… there’s not another competing organisation in the industry,” he said. “That leaves the jewellery industry exposed to real concerns about: what standards are you implementing? What does it mean to be responsible, sustainable, ethical? The RJC has provided that – and if it’s not the RJC, what takes its place?”
Brooks-Rubin had spoken out earlier in March to criticise the lack of action or transparency on Russian diamonds, saying the council’s action against Alrosa had been “insufficient”. He said decisions about boycotting diamond-producing countries were complex, with millions of international jobs and livelihoods depending on the flow of diamonds.
“If 30-40% of the supply chain is off the market, then that affects everybody. That affects prices, that affects the supply chain, that affects every entity in the entire industry.” He said the council needed to be clear and transparent about the challenges it faced.
