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Responsible business practices ‘no longer optional’, says WDC President Feriel Zerouki
The president of the World Diamond Council takes time out of her busy schedule to tell Rough&Polished readers about the critical work of the WDC. Zerouki, the first female present of the body, which includes all the important industry organizations among...
14 october 2024
James Campbell: Botswana Diamonds optimistic as it enters uncharted territory of using AI for mineral exploration
London-listed Botswana Diamonds has expressed optimism about the company’s use of artificial intelligence (AI) to scan the exploration database in Botswana to look for new mineralised deposits. Company managing director James Campbell told Rough...
07 october 2024
Artur Salyakayev: For me, happiness is freedom to make my ideas happen and create valuable products
Artur Salyakayev is an art entrepreneur, founder of the International Jewelry Academy (IJA) and the INCRUA jewelry company. He has initiated and developed successful projects in jewelry industry and services sector. He is also a leading expert...
30 september 2024
Paul Zimnisky: China key for sustained recovery in demand for natural diamonds, prices
The curtailing of upstream and midstream natural diamond production in the past months is starting to have an effect on prices, according to the New-York-based independent diamond and jewellery analyst and consultant, Paul Zimnisky. He told Rough & Polished’s...
23 september 2024
Vladimir Pilyushin: The jewelry market is not stand-alone and moves by the same laws as other markets
Vladimir Pilyushin is editor-in-chief of Russian Jeweler, a leading magazine about the jewelry industry in Russia. He told Rough&Polished about his view on the evolution of the jewelry industry in Russia and touched upon some of its problems.
16 september 2024
G7 plan to restrict exports of rough diamonds from Moscow poses a major threat to India's polishing industry
A potential embargo is weighing heavily on Surat's more than 4,000 diamond processing companies, which employ at least a million craftsmen, polishers, and traders, as per industry experts. The town of Surat imports at least 35% of its gems from Russia's mining giant ALROSA, which accounts for 30% of global rough diamond output.
Vipul Shah, Chairman of the Gem & Jewellery Export Promotion Council said: "If the sanctions continue, then there will be a lot of uncertainty in the employment of one million workers."
Russia's diamond trade has so far avoided sanctions due to resistance from major importers from Belgium as its government has repeatedly blocked the EU's embargo plans, warning that the move could cost thousands of jobs.
At the recent G7 summit in Japan, leaders pledged to restrict trade in "diamonds mined, processed or produced in Russia" in an effort to further cut Moscow's revenues. In a joint statement, the group of wealthy nations said it would curb the $4.5 bn Russian diamond trade, including by using high-tech methods of tracing.
"We are awaiting a proper understanding of how the sanctions will be executed, since there is no way to trace the origin of rough gems right now," Vipul Shah said.
Meanwhile, supplies of rough diamonds have been shrinking since Western sanctions disconnected Russia from the SWIFT international financial processing network last year.
Indian exports of cut and polished diamonds have also slumped as US and EU firms shunned buying diamonds sourced from Russia.
Aruna Gaitonde, Editor in Chief of the Asian Bureau, Rough&Polished