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

Russia to resist G7 sanctions against its diamonds, challenge GIA monopoly

21 december 2023

Russia is preparing in advance for G7 sanctions against its diamonds, seeking new alternative export markets and trying to break the monopoly of the international diamond standard set by the Gemological Institute of America (GIA), according to top Russian officials.

“We... are not sitting still and are preparing new alternative markets for ourselves where it [diamond rough] will be supplied. And, of course, I'm considering the timing of adoption of every specific package [of measures]: by that time we will try to prepare for an alternative,” said Deputy Prime Minister and Head of the Ministry of Industry and Trade of the Russian Federation Denis Manturov to RIA Novosti.

According to him, restrictions proposed by the G7 group create “additional challenges in order to determine alternative supply markets.”

Meanwhile, the head of the Ministry of Eastern Development Alexei Chekunkov told RIA Novosti that the Russian Federation intends to break the monopoly of the international diamond standard set by the GIA via intensifying interaction with countries that share the values of the sovereignty of the Russian Federation.

“Attempts to limit sales of Russian diamonds are a common competitive struggle disguised as a geopolitical statement. Suffice to say that the only international standard so far by which the value and cost of each stone is determined belongs to the GIA,” he said. “We are going to break these monopolies.”

Theodor Lisovoy, Editor in Chief of the European bureau, Rough&Polished