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Diamond Trading Network RapNet Bans Russian Diamonds May 10, 2022 (0 comments)
Las Vegas, NV--RapNet has banned Russian diamonds from its network.
[Image Source: Wikimedia Commons]
In a press release, the diamond trading network announced that the ban applies to all diamonds sourced from Russia after February 24, 2022, and includes polished diamonds manufactured outside of Russia from Russian rough diamonds. The ban also includes diamonds sourced from companies that are 50% or more owned by sanctioned entities.
The recent US sanctions on Alrosa are forcing the global diamond industry to legitimize the diamond supply chain. Suppliers are under increasing pressure to identify the source of their diamonds.
"Sanctions on Russia are fundamentally changing the diamond supply chain. Buyers want assurances as to the source of their diamonds," said Martin Rapaport, chairman of the Rapaport Group, in the press release. "Ethical considerations are transcending legal requirements as buyers reject Russian source diamonds cut outside of Russia. Financial sanctions have stopped imports of rough diamonds to the cutting centers, and natural diamond shortages are likely before the holiday season."