Dear Readers,
This week, we bring you a multi-facetted Lettre with plenty of resources.
First of all, we have an in-depth selection of articles which provide a detailed overview of the consequences of this dramatic war in Ukraine and how it is impacting the diamond industry.
Let’s not delude ourselves, the consequences of the – legitimate! – measures taken against ALROSA will be long-lasting. They are clearly changing the trajectory of the diamond industry. In particular, the sanctions put in place by the United States – which, if we need reminding, is our industry’s largest market – mean we should stop hesitating: Russian diamonds are no longer allowed and will not be for a long time. RapNet has just banned them. And public opinion is beginning to pay attention.
India, which we knew would be particularly exposed, is being hit hard. Manufacturers, which have to prove that their diamonds do not come from Russia, are also facing a shortage of raw materials that is sending the workforce and cutters back home… will it be temporary? They are collateral victims whom we cannot ignore and must support.
Also, traceability initiatives, such as De Beers’ Tracr, are redoubling their efforts. They are necessary, but are currently limited to a part of the industry that has the resources to implement transparency measures and provide guarantees for the origin of its diamonds. We are already in a two-tiered industry, but the context clearly shows that we need to change the way we work, not only upstream, but also throughout the value chain so that we can prove each diamond’s origin and source.
And, because ‘commitment is more than just a word,’ because the current crisis should not make us forget about supporting local communities, Rubel & Ménasché wanted to talk to you about the Young Diamantaires, who count Morgane Winterholer, our Business Development Director, among their members.
We are very touched by their initiatives, dynamism and commitment, and their fundraising campaign to support and expand the Renaissance School in Massina, is a project which truly matches our values and our CSR commitments and for which we are providing solid support. Read our article on the subject and the interview with Morgane!
And stay tuned, as we are going to continue talking to you about ethics & sustainable development and investing our energy into promoting wonderful projects!
Happy reading and enjoy your week.
