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U.S. sanctions against Alrosa caused panic in the global diamond market

U.S. sanctions against Alrosa caused panic in the global diamond market

The U.S. sanctions against Russia's Alrosa, which supplies about a third of the world's gemstones, have caused panic in the global diamond market, Bloomberg said. Traders around the world are looking for workarounds to continue to use one of the world's major sources of gems.

Firms ranging from Tiffany & Co. to Signet Jewelers Ltd. have announced a halt in sales of Russian diamonds, and now, with the U.S. wedding season approaching, the desperate companies are considering alternative gem supply options, particularly from India, also the world's largest stone exporter.

India itself is still exporting Russian diamonds to the U.S. received before sanctions. However, it is already starting to supplement its assortment with stones from China, Southeast Asia and the UAE, as many customers refuse Russian mined stones.

Vipul Shah, vice chairman of India'sGems and Jewellery Export Promotion Council (GJEPC), said Russian stocks would run out in the first half of June and losing access to Russian diamonds would devastate the industry in the long run, jeopardizing thousands of jobs in the country and hitting major trading centers around the world.

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Author: Ulyana LutskiewiczMade
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