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

Eduard Gorodetsky: Currently we see high demand for synthetic diamonds for use in technology segment rather than in jewelry

Director General of the Advanced Synthetic Research Center Eduard Gorodetsky told Rough&Polished about the current situation at the company, new exclusive technologies in the synthesis and production of lab-grown crystals, as well as the Research Center’s...

11 march 2024

Russia's Gokhran started buying diamonds from ALROSA in 2024

26 march 2024

The Gokhran of Russia has been purchasing diamonds from ALROSA since the beginning of 2024, an informed source familiar with the matter told Rough&Polished.

According to him, the corresponding agreement between the diamond miner and the Russian Ministry of Finance was reached in December last year due to sanctions imposed by the EU and the Group of Seven (G7) countries against Russian diamonds. One purchase was made in March, and more may be made before the end of this year. The source didn't specify amounts and volumes of these purchases. At the same time, according to the source, the state fund purchased diamonds of different sizes and weight ranges.

Earlier, Deputy Minister of Finance of the Russian Federation Aleksey Moiseev stated that the imposed sanctions may lead to disruptions for the global diamond market and assured that the Russian Federation will make every effort to mitigate the destructive impact of restrictions in the interests of the entire market: miners, manufacturers, traders and consumers.

Meanwhile, a number of foreign publications, such as The Times and Bloomberg, have reported that the ban on the purchase of polished diamonds of Russian origin is creating chaos in the international diamond market. De Beers CEO Al Cook urged Belgian Prime Minister Alexander De Croo to take appropriate action: since March 1, there have been significant delays, blockages and elevated costs for importing diamonds into this European country. Belgian Antwerp, which is one of the world's largest diamond trading centres, has become the single entry point for diamond products into the European market. On March 13, nearly 150 companies representing the entire Antwerp diamond trade signed a petition citing serious disruption to their businesses and demanding a “comprehensive review of procedures in collaboration with industry stakeholders.”

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