About 30% of the world's diamonds were produced in Russia.
RapNet, the world's largest gemstone trading service refused to trade diamonds from Russia due to US sanctions against the aggressor country. This was announced by the company.
The ban will apply to all precious stones imported from the Russian Federation after February 24, as well as those made from Russian raw materials.
“Because US sanctions Alrosa (the world's largest diamond producer from Russia) aims to stop the flow of funds to Russia, which fuels its war with Ukraine, American companies, including retail jewelry stores, must immediately stop all operations with or in favor of the Russian diamond company “, – said in a statement.
The company also said that for ethical reasons, buyers refuse diamonds produced in Russia and cut outside Russia. Financial sanctions prevent the import of rough diamonds into cutting centers.
“Every retailer should ask suppliers whether I buy Alrosa diamonds,” RapNet added.
The company also does not rule out the possibility of a shortage of diamonds in the market due to sanctions. About 30% of the world's diamonds were produced in Russia. Most of Russia's diamonds have been cut in India, which produces 95% of the world's diamonds. Sanctions against Alros were imposed by the United States on April 8.
As previously reported, Britain will raise tariffs on imports of platinum and palladium from Russia and Belarus. The new sanctions are intended to further weaken Russia's military machine.
