The Ministry of Finance called unreasonable attempts to recognize Russian diamonds as “conflict”
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The Ministry of Finance criticized the proposal of Western countries to assign the status of “conflict” to Russian diamonds. The ministry believes that such initiatives are “unfounded and speculative” and also “show a low level of awareness.”
This proposal is being discussed within the framework of the Kimberley Process, a mechanism created by the UN that is designed to prevent “conflict” diamonds from entering the market. These are diamonds mined illegally and used to finance regional conflicts. The United States believes that the sale of diamonds helps Russia finance military operations in Ukraine, informed The New York Times.
Ministry of Finance of the Russian Federation in response saidthat the payment of taxes and dividends from diamond mining in Russia is “the basis for the development of the community in Yakutia, where 90% of diamonds are mined.” The agency claims that “over the past ten years, the only payments from diamond mining in the region that have not been directed to the development of Yakutia are dividends paid to institutional shareholders, mainly living in the US and the European Union.”
The Ministry of Finance assures that Russia “was and remains an exclusively responsible participant” in the Kimberley Process. “Any attempts to recognize Russian diamonds as not meeting the requirements of the Kimberley Process show a low level of awareness,” the Ministry of Finance says. The agency added that Russia will continue to discuss the definition of “conflict diamonds”, but did not specify what adjustments it wants to make.
Against the backdrop of the Russian military operation in Ukraine, Western jewelry brands began to refuse from diamonds from Russian diamonds. Russia has also cut diamond exports to key markets, India and Europe. Sanctions imposed on ALROSA allow it to supply rough diamonds to India, but there are problems with payment.
Details – in the publication “Kommersant” “Russian diamonds lingered at home”.
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