The R&M “Lettre”

The European Union should ban Russian diamonds in its next sanctions package, German nonprofit Transparency International said the [week of July 4] in an open letter to officials.

The US, UK, Canada and Japan have placed sanctions on the import of Russian gold in an effort to eliminate revenue used to fund President Vladimir Putin’s war on Ukraine.

The Natural Diamond Council (NDC) is facing a massive budget cut in 2023 unless the industry steps in to compensate for the loss of Alrosa’s financial contribution, CEO David Kellie told Rapaport News.

It’s impossible for me to objectively review Nothing Lasts Forever, the flashy new diamond documentary that will air this fall on Showtime. It’s full of people I know, conferences I’ve been to, and subjects I’ve spent decades writing about. There’s even a brief shot of me at one event, looking bored.

In what’s considered a sign of a “new generation” taking over Antwerp’s leadership, David Gotlib has been appointed the new president of Antwerp World Diamond Centre (AWDC).

The diamond industry is undergoing fundamental disruption as political, economic and social forces break the supply chain, reduce demand, and shift consumer attitudes. We are heading into a perfect storm with new realities, challenges, and opportunities.

Continuing my resolution to speak to more people I don’t entirely agree with, I was happy to chat at JCK Las Vegas with Tom Neys, head of media relations for the Antwerp World Diamond Centre (AWDC).

After a year of prosperity in 2021, the trade is dealing with uncertainty related to the Russia-Ukraine conflict, as well as continued Covid-19 shutdowns in China and economic caution in the US.

The average price of natural diamonds may increase as much as 15% this year, as sanctions against Russia constrain supply, and consumer demand continues to be “buoyant,” according to a new report from Bank of America Global Research.

Press release – RapNet, the world’s largest diamond trading network with daily listings of 1.8 million diamonds valued at $8.7 billion, has banned Russian diamonds from its network.

Just as Covid-19 catalyzed the move to digital, the war in Ukraine may be the push the industry needs to step up its responsible sourcing.

With the Russia crisis constantly evolving and the US piling sanctions on Alrosa, the Rapaport editorial team outlines how the industry is adjusting to these new challenges.