The European Union has announced a fourth round of economic santions on Russia following the invasion of Ukraine in late February, and among the restrictive measures is a ban on the importartion of luxury items such as diamonds and jewellery.
The US, European Union and the G7 forum leaders have collectively announced stiffer sanctions to be imposed on Russia by banning – among others - the importation of diamonds and jewellery to “further isolate Russia from the global financial system”.
Diamond producer De Beers has reported an 18 per cent increase in sales during the second cycle of 2022 as the company continues its recovery from the COVID-19 pandemic induced slump.
With the ongoing economic sanctions imposed on Russia, mining company Alrosa has suspended its membership from the Natural Diamond Council (NDC) and vice-chairmanship of the Responsible Jewellery Council (RJC).
Russian diamond producer Alrosa has reported a 50 per cent increase in total revenues for 2021, thanks to the worldwide increasing demand for rough and polished diamonds, based on the company’s fourth quarter and 12-month financial report.