Varvara Dmitrieva: The jewelry industry of Yakutia is distinguished by its creativity, unique cultural code and conservation of traditions

Varvara Dmitrieva, Associate Professor and Head of the Department of Precious Stones and Metals Processing Technologies of the North-Eastern Federal University, told Rough&Polished about the results of the Forum of jewelry Craftsmanship and the prospects...

16 april 2024

Valery Budny: There is no strategy and legislation in Russia enabling the full cycle processing of precious raw materials within the country

Valery Budny, Head of the Jewelry Russia program and CEO of the JUNWEX media holding, told Rough&Polished about the results of the meeting and pressing issues in the precious metals and precious stones (PMPS) and the jewelry sectors.

11 april 2024

Paul Zimnisky: Natural diamonds face the risk of eroding their appeal if constantly discounted

New York-based independent diamond and jewellery analyst and consultant Paul Zimnisky told Rough & Polished’s Mathew Nyaungwa in an exclusive interview that the industry should do away with discounts. He said the industry should treat natural diamonds...

01 april 2024

Edahn Golan: Lab-grown diamond prices to continue declining

In an exclusive interview with Rough&Polished's Mathew Nyaungwa, Edahn Golan, proprietor of the eponymous Edahn Golan Diamond Research and Data, predicted that the prices of lab-grown diamonds would continue to decline, especially at the retail and...

25 march 2024

ADPA’s Ellah Muchemwa: G7 restrictions to bring extra costs from diamond mining to retail

The African Diamond Producers Association (ADPA), which has openly registered its disdain for the G7’s rough diamond trade restrictions, is of the opinion that the move will bring extra costs on all stages, from mining to retail. ADPA executive...

18 march 2024

US targets Indian diamond sellers over alleged Russia connection; funds worth $26 mn frozen

08 august 2023

The U.S. Office of Foreign Assets Control (OFAC) has taken action against multiple offshore firms owned by Indian jewellers. Over the past few months, approximately $26 mn worth of fund transfers have been frozen by OFAC, targeting entities allegedly involved in the import of rough diamonds sourced from Russia, The Economic Times reported.

The impact of this move has been felt by the United Arab Emirates (UAE) subsidiaries of Indian diamond houses, whose dollar payments have been stalled due to suspicions of connections with Russian miners and sanctioned entities.

As a result, the intended payments for rough diamond sellers have not been fulfilled, as instructed by US authorities to the banks handling the nostro accounts of the suppliers, the publication reported.

Aruna Gaitonde, Editor in Chief of the Asian Bureau, Rough & Polished