Russian diamonds: Sales rise despite sanctions

Russian diamonds: Sales rise despite sanctions - Artificial Jewellery

Russian diamond producer Alrosa has reported a 9 per cent increase in revenue despite ongoing sanctions from Western countries in response to the conflict in Ukraine.

The company achieved sales of RUB322.57 billion ($AUD5.39 billion) for the past year. Profit decreased by 15 per cent.

The increase in revenue comes despite the implementation of European Union and G7 sanctions on the import of Russian diamonds. The second stage of the ban came into effect on 1 March.

The prohibition of direct import of Russian diamonds began on 1 January, while the second stage will be phased in over the next six months.

Rough and polished diamonds imported to the EU and G7 countries require provenance documentation and a declaration that the stones do not originate from Russia.

“Alrosa and its diamonds have been the subject of sanctions by the US and other Western countries since Russia’s war in Ukraine began in February 2022,” writes Joshua Freedman of Rapaport News.

“Major markets, including India and China, still permit imports of Russian diamonds. On 1 March, the US will introduce stricter measures banning the import of one-carat and larger stones of Russian origin, even if they went through manufacturing in a third country.”

This annual financial statement was the second Alrosa has released since the beginning of the conflict in Ukraine. In both reports, the destination country of sales has been withheld.

Belgium, the United Arab Emirates, and India are traditionally the largest purchasers of Russian diamonds.

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