Russian Diamond Sanctions: Implications for India and Consumers Worldwide
Russian Diamond Sanctions: Implications for India and Consumers Worldwide G7 countries - the United States, Canada, France, Italy, Germany, the United Kingdom, and Japan, are on the verge of mandating certificates for the sale of polished diamonds to ensure that diamonds mined by Russian state mining company Alrosa do not reach the market. This comes following their decision to impose russian diamond sanctions. Currently, Alrosa supplies 30% of the rough diamonds (hand in hand with De Beers, who holds a similar market share) globally and is the critical source for India, which imports, cuts, and polishes 80-90% of the world’s roughs. This move aims to cut off all external funding to Russia’s war on Ukraine. The sanctions imposed by the US and European nations on Russia, and consequently on Alrosa, Russia’s largest diamond miner, will impact the growth of the […]