The US authorities announced their intention to oblige jewelers from the G7 countries to prove the non-Russian origin of diamonds
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The head of the US Sanctions Coordination Office, James O’Brien, said that companies in the jewelry and cutting industries in the G7 countries may be required to confirm that the diamonds they import are not of Russian origin. As part of Western sanctions, companies from the United States, Britain and the European Union are prohibited from purchasing diamonds from the Russian company ALROSA.
“It is possible to introduce a declaration that diamonds imported into the US and G7 markets were not originally mined in Russia,” James O’Brien was quoted by a magazine specializing in news coverage of the jewelry industry. Rapaport.
The G7 includes the UK, Germany, Italy, Canada, France, Japan and the US.
According to Mr. O’Brien, measures to tighten control over jewelry companies must be introduced so that ALROSA, which has fallen under the sanctions, could not receive income from the sale of diamonds abroad. He argues that ALROSA is “deeply connected to the power structures in Russia” and the US government wants to make sure that proceeds from its activities are not used to finance the cost of conducting a military operation in Ukraine.
ALROSA, which ranks first in the world in terms of diamond production, was previously subject to restrictions from the EU, the US and the UK. Due to sanctions against ALROSA, one of the largest companies in the diamond mining market De Beers raised prices by 7%. As Kommersant reported, due to sanctions against ALROSA, the supply of Russian diamonds to India has increased, but there are problems with payment in transactions with buyers from this country.
Read more about the situation in the industry in the material “Kommersant” “Sanction cut”.
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