A complete ban on the supply of Russian diamonds could seriously damage the global gem market. This was reported by “Hit the primer”.
According to analyst Leonid Khazanov interviewed by the publication, such sanctions could “fundamentally destroy” the industry, as there is nothing to replace Russia as the largest producer.
In 2022, the Russian Federation produced 43.2 million carats of diamonds; this is more than all other major producing countries combined. According to Khazanov, no other country has the ability to rapidly increase diamond production.
Sanctions against Russian diamonds threaten mass layoffs among cutters, jewelers, tool makers and other workers in related industries around the world. They can also cause diamond prices to increase by 10-20%.
Information about the European Union’s plans emerged in mid-September to enter Sanctions against Russian diamond mining companies. According to the new rules, stones bearing non-Russian markings will be allowed to circulate in the EU. The ban on rough diamonds is planned to be implemented from January 1, 2024.
Previously Bloomberg clarified Details of the 12th package of EU sanctions.
Source: Gazeta
Ben Stock is a business analyst and writer for “Social Bites”. He offers insightful articles on the latest business news and developments, providing readers with a comprehensive understanding of the business world.