Rough and polished diamonds imported from Russia before new G7 sanctions came into force are not now expected to be covered by the ban. The status of inventory that pre-dates the sanctions – so-called “grandfathered goods” – has remained in doubt, causing concern for many in the trade. But the EU’s 14th sanctions package, currently […]
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]]>The new G7 sanctions will be a “lose-lose situation” say African diamond producers. Routing all EU-destined diamonds though a single entry point in Antwerp will create “a logistical nightmare for producer countries,” Lefoko Moagi, Botswana’s minister of mineral resources, told the African Diamond Producers Association (ADPA) in Zimbabwe. The ADPA represents 19 countries – including […]
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]]>Japan, as one of the G7 nations, will join the ban on importing of non-industrial diamonds from Russia. But the move is more symbolic than anything, given that total imports amounted to under $400,000 in 2022. The Japanese government announced the diamond sanctions as part of new round of sanctions being implemented in view of […]
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]]>Alrosa has reported a 7 per cent drop in net profit during the first nine months of 2023, down to $975m (RUB 87.9bn). Russia’s state-controlled miner said Q3 revenue was $871m (RUB78.5bn), down 7 per cent on the Q2 revenue of $936m (RUB 92.51bn) previously reported. But it was up 55 per cent on revenue […]
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]]>Stargems has become the first tender house to sign up for traceability technology by Sarine that quickly registers large parcels of diamonds. The Dubai-based business is using the AutoScan Plus software, which inegrates with Sarine’s Diamond Journey to track every move a diamond makes. Sarine describes it as a game-changing way of registering rough diamonds […]
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]]>Alrosa’s suspension of rough sale has been welcomed by India’s GJEPC (Gem and Jewellery Export Promotion Council) as a positive move to combat overstocking. Russia’s state-controlled diamond miner last week confirmed that it had cancelled sales in September and October to stabilize a volatile market. Vipul Shah, GJEPC chairman, said he’d approached a number of […]
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]]>Switzerland yesterday banned the importation of gold and other metals from Russia as the war in Ukraine continues. The government has outlawed the “buying, importing or transporting gold and gold products from Russia” . Switzerland refines as much as 70 per cent of the world’s total gold output and its watchmaking industry is a significant […]
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