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

EU to move ahead with Russian diamond ban next week

10 november 2023

Foreign policy chief Josep Borrell said that the EU is set to move ahead with a long-stalled ban on Russian diamonds next week after securing sufficient backing from the G7 group of developed nations.

Diamonds are one of the few major Russian exports still untouched by EU sanctions imposed in response to the conflict in Ukraine.

The EU’s chief diplomat told the Financial Times that a two-day meeting of G7 foreign ministers in Japan that ended on Wednesday gave support to the move, clearing a critical hurdle that European countries including Belgium — one of the world’s largest diamond traders — had demanded.

“The co-ordination has worked and we will be able to put the package of sanctions in front of [foreign ministers on Monday],” said Borrell.

Ukraine and several central and eastern European allies have long demanded that the EU ban trade in the precious gemstone, in addition to sweeping measures banning or reducing Russian exports such as oil, coal, steel and gold.

G7 leaders in May agreed to restrict trade and use of Russian diamonds, including by using tracing technologies. But efforts to impose legal EU measures stalled as Belgium argued that a simple ban on Russian stones would just divert trading away from its city of Antwerp, the global diamond hub.

Belgian officials had called for full G7 support for an arrangement that would implement a global standard to certify rough and polished diamonds which would allow all traders to identify Russian-produced gems.

Russia is the world’s largest producer of rough diamonds by volume, with exports totalling $4bn in 2021, according to trade statistics. More than 80 per cent of global rough diamonds are traded through dealers in Antwerp.

The global natural diamond jewellery market is estimated to be worth $74bn in 2023, according to independent analyst Paul Zimnisky.

Alex Shishlo for Rough&Polished