Sanctions on diamonds coming out of Russia have sent the industry into a “panic” , with traders reportedly working to try and figure out end-arounds to continue accessing one of the world’s best sources of diamonds despite the sanctions.
The diamond trade is a “billion dollar trade” and Russian mining company Alrosa PJSC supplies about 33% of the world’s raw gems, a Bloomberg writeup this week said. Sanctions against the company have led to those seeking out diamonds to implement “workarounds” from places like India.
India provides the U.S. with about half its diamonds, making the country the easy choice to turn to during times of such disruptions. Meanwhile, 2.5 million weddings are expected in the U.S. this year, the report notes, as we head into wedding season.
Diamond bazaars in places like the Indian city of Surat have “gone quiet” as imports slow and prices fall. Everyone in the industry is lamenting the
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