CNN —
The full effects of the conflict in Ukraine are expected to be felt by the world diamond market after nearly two years of fighting.
Since it’s so difficult to develop a structure that all parties in the industry can successfully abide by, these sanctions have been in the works for the past two years, according to diamond industry analyst Paul Zimnisky.
What are the new penalties?
Elegant/Opulent
New restrictions against Russian diamonds will alter the world’s gem trade.
Written by Sarah Kent
read for four minutes
Published on January 22, 2024, at 1:27 PM EST.
On July 3, 2019, the Alrosa Diamond Cutting Division in Moscow featured an exhibition featuring diamonds among other stones.
On July 3, 2019, the Alrosa Diamond Cutting Division in Moscow featured an exhibition featuring diamonds among other stones.
Getty Images/AFP/Alexander Nemenov
Editor’s Note: CNN Style’s editorial partner The Business of Fashion first published this piece.
CNN —
The full effects of the conflict in Ukraine are expected to be felt by the world diamond market after nearly two years of fighting.
Elegant/Opulent New restrictions against Russian diamonds will alter the world’s gem trade. Written by Sarah Kent read for four minutes Published on January 22, 2024, at 1:27 PM EST. On July 3, 2019, the Alrosa Diamond Cutting Division in Moscow featured an exhibition featuring diamonds among other stones. On July 3, 2019, the Alrosa Diamond Cutting Division in Moscow featured an exhibition featuring diamonds among other stones. Getty Images/AFP/Alexander Nemenov Editor’s Note: CNN Style’s editorial partner The Business of Fashion first published this piece.
The full effects of the conflict in Ukraine are expected to be felt by the world diamond market after nearly two years of fighting.
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Earlier this month, the European Union added the world’s.
How are the sanctions going to operate?
As of yet, nobody seems to be certain. Diamonds usually pass through dozens of hands in several countries before reaching the market, making diamond supply chains lengthy and intricate.
As of yet, nobody seems to be certain. Diamonds usually pass through dozens of hands in several countries before reaching the market, making diamond supply chains lengthy and intricate.
Tracing the origins of stones amidst this network of opaque intermediaries is a notoriously challenging task. This is especially true for the smaller diamonds that Russia is well-known for making; these are usually sold in bulk and frequently combined with other stones that come from different sources.
With a trial system scheduled to go live at the start of March, the EU and G7 have so far only provided a general overview of their ambitions for a system to track and validate the origins of stones. To create a workable solution, industry associations such as the Gem and Jewellery Export Council of India, the World Diamond Council, the Antwerp World Diamond Centre, and the Gemological Institute of America (GIA) have been collaborating.
