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In yet more fallout from Russia’s invasion of Ukraine, state-owned diamond miner Alrosa has been removed from the World Diamond Council (WDC), which represents the industry in front of the Kimberley Process (KP).
On Thursday [April 7], the U.S. Treasury’s Office of Foreign Assets Control (OFAC) added Russian diamond miner Alrosa to its Specially Designated Nationals (SDN) list—which may have serious implications for U.S.-based companies with overseas ownership.
The Russian diamond miner’s membership had been a point of contention, causing major companies to leave the organization.
At an industry event last week, an old friend reproached me for my recent headline that called allowing imports of Russian-mined diamonds that were cut elsewhere a “loophole.”
Rough prices have fallen substantially on the open market amid a correction following months of heightened activity, dealers told Rapaport News.
The British government [announced Marc 24] sanctions against Alrosa.
Press release – De Beers Group [announced March 15] the value of rough diamond sales (Global Sightholder Sales and Auctions) for the second sales cycle of 2022.
Press release – The world’s most advanced diamond recovery vessel, the Benguela Gem, has [been March 18] officially unveiled in Namibia at an inauguration ceremony attended by His Excellency, President Hage Geingob, Minister of Mines and Energy, the Honourable Tom Alweendo and De Beers Group CEO, Bruce Cleaver. The vessel will commence operations from next […]
India’s diamond trade is likely to see a slowdown in sales in the coming months as a result of the Russia crisis, according to a major credit agency in the country.
With tension between the United States and Russia continuing to grow, Alrosa has said it will close down its U.S. office by the end of April, Alrosa USA president Rebecca Foerster tells JCK.
Press release – De Beers Group [announced February 4] the value of rough diamond sales (Global Sightholder Sales and Auctions) for the first sales cycle of 2022.
Alrosa clients have continued to buy rough from the miner by sending payment in currencies other than dollars following a range of sanctions on Russia by Western governments.
