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Rapaport bans Russian Diamonds
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.
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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.
The recent geopolitical storm pushed De Beers to accelerate the expansion of its blockchain platform, chief brand officer David Prager told Rapaport News.
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.
Nongovernmental organization Resolve has launched a project to rehabilitate land affected by artisanal and small-scale diamond mining in Africa.
There’s been a lot of talk about how current sanctions language allows for Russian diamonds “substantially transformed” (i.e., cut and polished) elsewhere to enter the United States—which, some say, makes current regulations “worthless.”
Prices of fancy-color diamonds grew 1% in the first quarter compared with the previous three months amid strong market for pinks, according to the Fancy Color Research Foundation (FCRF).
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.
The current sanctions on Russian diamonds have created a “murky situation” for the industry, Jewelers Vigilance Committee (JVC) president and CEO Tiffany Stevens and deputy general counsel Sara Yood said during an April 26 seminar at the American Gem Society Conclave in Oklahoma City.
At [the sight of May 2nd’s week] in Botswana, De Beers offered all its sightholders diamonds whose origins can be tracked through the pipeline, through its blockchain-based Tracr platform.
Diamond sanctions are beginning to bite in India, as US buyers demand guarantees that polished stones were not mined in Russia, according to news reports.
Dear readers, At Rubel & Ménasché, cooperation is particularly dear to our hearts. Cooperating and working hand in hand with our partners, clients, suppliers and all the stakeholders of the diamond industry.
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