European jewelers are unhappy with sanctions against Russian diamonds – Kommersant

The introduction of sanctions against Russian diamonds “caused chaos in the international jewelry market,” writes The Times. Traders have complained of long delivery delays because diamonds entering the European Union (EU) must be sent to Antwerp to verify their origin. However, it is impossible to establish it with accuracy, the publication claims.

Industry employees also complained about additional costs and customer dissatisfaction. One diamond trade worker told the newspaper that it now takes up to two weeks to complete an order. “What’s happening now is a prelude to much larger disruption later in the year that could push prices up significantly,” another industry executive said.

Opponents of the new restrictions point out that other diamond centers, such as India, Dubai and Tel Aviv, have not imposed similar sanctions on Russian diamonds. Because of this, Russia’s ALROSA “felt a negligible impact on its sales” following EU restrictions, the article said.

On March 1, a ban on supplies of Russian diamonds processed in third countries to Western countries came into force. Experts expected that this could affect ALROSA’s business, since now the main flow of Russian stones is sent to India for cutting, and from there they are supplied to Western countries. However, the implementation of sanctions seems problematic, since it is not yet clear how traceability of raw materials will be ensured.

Details – in the material “Kommersant” “Diamonds will be checked for tricolor”.

Laura Keffer