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☆ New sanctions on Russian diamonds will change the global trade in gems
▼ + stars: | 2024-01-22 | by ( Sarah Kent | ) edition.cnn.com time to read: +5 min

But as of the start of January, EU and G7 countries have banned the direct purchase of non-industrial diamonds from Russia. This move will be followed by further restrictions on the import of Russian diamonds processed in third countries starting in March. Industry groups including the World Diamond Council, Antwerp World Diamond Centre, the Gem and Jewellery Export Council of India and the Gemological Institute of America (GIA) have been working together to develop an effective solution. What does this mean for the diamond industry? LVMH-owned Tiffany and Richemont both said they stopped sourcing Russian stones shortly after the war in Ukraine broke out.

Persons: Russia’s, Pavel Alekseevich Marinychev, ”, Paul Zimnisky, Russia they’ll, Andrey Rudakov, Morgane Winterholer, De Beers, Tiffany, Richemont Organizations: CNN, European, Bloomberg, Getty, EU, Industry, World Diamond Council, Diamond Centre, Jewellery Export, of India, Gemological Institute of America, “, ”, GIA Locations: Ukraine, Canada, Japan, France, Germany, Italy, Antwerp, Belgian, Russia, Europe, Moscow, “

☆ Opinion: A turning point in Ukraine
▼ + stars: | 2024-01-09 | by ( Opinion Michael Bociurkiw | ) edition.cnn.com time to read: +9 min

Last year, Ukraine passed legislation shifting its Christmas celebrations in line with many Western dates – a step to further distance itself from traditions commonly observed in Russia. As 2023 drew to a close, Russia launched the biggest air attack on Ukraine since the beginning of its full-scale invasion. The intensity and frequency of the attacks — on the back of reports that the Ukrainian counteroffensive is stalling and that western backers of Ukraine are holding back billions in funding — marks a major turning point in the war. While it’s impossible to put an exact number on Ukrainian war losses, anyone who visits the military portion of the Lychakiv Cemetary in Lviv can see that its expanded to almost maximum capacity. Ukraine scored a big win last week when the EU approved sanctions against Russia’s largest diamond producer, Alrosa, and its CEO.

Persons: Michael Bociurkiw, Odesa, Odesa CNN —, –, Oleksandr Gimanov, Olha, Radkevych, Anatolii Stepanov, Volodymyr Zelensky, who’ve, Armed Forces Valeriy, who’s, Zelensky, Vladimir Putin, Le Cosmopolite, ”, won’t, Putin, Kira Rudik, “ Organizations: Atlantic Council, Organization for Security, Cooperation, CNN, Odesa CNN, OSCE, Getty, Armed Forces, expats, “, European Union, Ukraine, Russia’s, EU, Holos Party Locations: Europe, Ukrainian, Odesa, Ukraine, Russia, AFP, Israel, United States, Russian, North Korea, Iran, Lviv, Kyiv, Belgium

☆ Angola's new diamond mine opens against backdrop of weak demand
▼ + stars: | 2023-11-27 | by ( Miguel Gomes | ) www.reuters.com time to read: +3 min

An employee looks at a rough diamond at "Flanders Manufacturing", as the G7 weighs a ban on Russian diamond imports to reduce revenues for Moscow's war in Ukraine, Antwerp, Belgium, October 30, 2023. Angola's state-controlled diamond miner Catoca found the Luele diamond deposit at the project, previously known as Luaxe, in 2013 in one of the largest discoveries in the diamond industry in more than half a century. De Beers, the world's largest rough diamond producer by volume, estimates 2022 global rough diamond production at 121 million carats. Demand for rough diamonds has been weak in recent months with India - cutter and polisher of 90% of the world's rough diamond - asking the global miners to stop selling it the gemstones to manage accumulated stocks. Catoca, in which Russia's sanctions-hit Alrosa (ALRS.MM) owns 41%, currently holds a 50.5% stake in the Luele project.

Persons: Johanna Geron, Catoca, Paul Zimnisky, De Beers, Luele, Richard Chetwode, Zimnisky, Miguel Gomes, Polina Devitt, Felix Njini, David Evans Organizations: REUTERS, Rights, Reuters, Thomson Locations: Ukraine, Antwerp, Belgium, Rights LUANDA, Angola, U.S, China, India

☆ In diamond centre Antwerp, Russian gems are already shunned
▼ + stars: | 2023-11-03 | by ( Julia Payne | ) www.reuters.com time to read: +5 min

[1/5] Cut diamonds are seen at the diamond exchange in Antwerp, as the G7 weighs a ban on Russian diamond imports to reduce revenues for Moscow's war in Ukraine, Antwerp, Belgium, October 30, 2023. Other diamond firms in Antwerp, the world's biggest centre of trade in rough diamonds and cutting of the biggest gems, were asked to avoid Russian stones. Now, Western powers want to make the boycott official with a formal ban on Russian stones. Imports of Russian rough diamonds are now at less than 5% of pre-war levels, the source said. Most proposals under consideration by the G7 now focus on rough diamonds of 1 carat and above initially.

Persons: Johanna Geron, Thierry Tugendhaft, Van Cleef, Tugendhaft, De Beers, It's, Julia Payne, Elaine Hardcastle Organizations: REUTERS, Rights, European, World Diamond Council, EU, Thomson Locations: Antwerp, Ukraine, Belgium, Rights ANTWERP, Russia, Paris, Tiffany's, Cartier, Canada, Lesotho, South Africa, Botswana, India, United States, Japan, European Union, France, Antwerp . New

"There's a trip next week to India, a number of countries are going to sort of verify certain elements of implementation. Belgium, which is not in the G7 but is a member of the European Union, has been blocking any sanctions on Russian diamonds sought by hawks in the EU. A leading Russia critic, Poland this week launched a fresh call for EU sanctions on Russian diamonds, the sales of which brought Moscow more than $4.5 billion in 2022. The EU bought some $1.5 billion worth of Russian diamonds last year. Following Moscow's invasion of Ukraine, Washington imposed sanctions on Alrosa and barred the import of non-industrial diamonds of Russian origin into the United States.

Persons: Daphne Psaledakis, Humeyra Pamuk, Gabriela Baczynska, Howard Goller Organizations: Biden, Reuters, U.S, United Nations, European Union, EU, Thomson Locations: India, United States, Belgium, Mumbai, Surat, Russia, New York, Antwerp, Ukraine, Moscow, Poland, Washington

☆ One Russian diamond giant is halting sales in a desperate scramble to stop prices from plunging
▼ + stars: | 2023-09-20 | by ( Jennifer Sor | ) www.businessinsider.com time to read: +3 min

Russia diamond giant Alrosa is halting sales in a bid to boost diamond prices, according to Bloomberg. Diamond prices have struggled over the past year amid growing demand for lab-grown stones. The mining giant will pause sales of rough diamonds until November, Bloomberg reported on Wednesday, citing a company memo sent out to customers. That comes amid a freefall in diamond prices, which has only accelerated over the past few weeks. Russian diamonds are also facing a potential ban from the G7 nations, which could impact the price of diamonds of Russian origin.

Persons: Alrosa, De Beers, — Organizations: Bloomberg, Diamond, Service, Belgian Locations: Russia, Wall, Silicon

The plan could transform the global diamond supply chain, but implementation will depend heavily on India, whose diamond industry employs millions of people who cut and polish 90% of the world's diamonds. If it goes ahead as anticipated, it would split the global consumer diamond market. The EU bought 1.4 billion euros ($1.5 billion) worth of Russian diamonds last year, based on data from Eurostat, as the EU has not banned Russian gem imports nor blacklisted Alrosa. As of 2021, global rough diamond sales totalled $16.4 billion, while demand for polished diamonds was $28 billion, the De Beers report showed. "I think the G7 officials involved with this are taking it quite seriously and I believe they will strictly enforce it.

Persons: Belgium's, Alrosa, De Beers, Paul Zimnisky, Zimnisky, Julia Payne, Polina Devitt, Clara Denina, Shivangi Acharya, Rajendra Jadhav, Toby Chopra, David Holmes, Veronica Brown, Jane Merriman Organizations: EU, Eurostat, De Beers, De, Industry, Belgian, Jewellery Export, Thomson Locations: India, Antwerp, BRUSSELS, LONDON, Ukraine, Belgium, Brussels, Russia, United States, INDIA, AFRICA, Africa

☆ Europe wants to ban Russian diamond imports. What comes next?
▼ + stars: | 2023-05-19 | by ( Anna Cooban | ) edition.cnn.com time to read: +6 min

“Russian diamonds are not forever,” European Council President Charles Michel said on the sidelines of the G7 summit in Hiroshima, Japan, on Friday. Tatyana Makeyeva/ReutersA ban on Russian diamonds could inflate prices for European consumers, especially if diamond production elsewhere doesn’t ramp up. The biggest task facing Europe is how to design an air-tight ban that prevents Russian diamonds from arriving in the bloc through circuitous routes. “There are a lot of Russian diamonds that still get sold within the American economy,” he said. “If you really want to close loopholes, you need to find a system that prevents [Russian] diamonds going to the G7 market,” Neys said.

☆ Factbox: EU keeps on doing business with Russia despite sanctions
▼ + stars: | 2023-03-29 | by ( Gabriela Baczynska | ) www.reuters.com time to read: +5 min

Here is a list of areas where the EU keeps on doing business with Russia. TRADE FLOWSIn 2021, Russia was the EU's fifth-largest trading partner with goods exchange worth 258 billion euros, according to the EU executive European Commission. Since the invasion in 2022, the value of EU imports from Russia fell by a half to around 10 billion euros last December. Gas is not covered by EU sanctions, but Moscow slashed pipeline deliveries to Europe since the invasion. The EU imported 2.1 billion euros worth of nickel in 2021, up to 3.2 billion euros last year, according to Eurostat.

[1/4] U.S. Treasury Secretary Janet Yellen and South Africa's Finance Minister Enoch Godongwana attend bilateral talks, at the treasury offices in Pretoria, South Africa, January 26, 2023. Nevertheless Lavrov made a stopover after visiting South Africa, which his counterpart Thulisile Dladla described as a "profound honour." Eswatini relies on the United States for aid, but its absolute monarchy has suffered U.S. criticism on human rights. South Africa, alongside Russia and China, is pushing for a "multipolar" world in which geopolitical power is less concentrated around the United States. "It hasn't delivered the kind of benefits South Africa was hoping to get."

☆ Zimbabwe's new mineral royalty policy comes into force
▼ + stars: | 2022-11-08 | by ( ) www.reuters.com time to read: +2 min

[1/2] A worker attends to machinery at a smelter plant at Anglo American Platinum's Unki mine in Shurugwi, Zimbabwe, May 16, 2019. The southern African country has struggled to capitalise on its significant mineral reserves and a resource boom due to policy uncertainty, a lack of ancillary industries to support mining, currency volatility and electricity shortages. The cash component of the royalties would be made up of 40% Zimbabwean dollars and 10% in foreign currency, according to the notice. Zimbabwe's royalty rates range between 5% for gold and platinum group metals and 10% for diamonds. The Zimbabwe Chamber of Mines, which represents major mining companies, has said it is not worried about the new royalty policy because it does not amount to an increase in existing royalty rates.

Diamonds are pictured during an official presentation by diamond producer Alrosa in Moscow, Russia Ferbuary 13, 2019. Poland, Ireland, Lithuania, Estonia and Latvia proposed introducing a retaliatory ban on imports of diamonds from Russia, where Alrosa (ALRS.MM) is the world's largest producer of rough gems. Belgium's foreign ministry and the diplomatic representation to the EU did not respond to requests for comment. An EU official and a diplomat involved in preparations of new measures against Russia said, however, that Belgium was now expected to lift its veto. Register now for FREE unlimited access to Reuters.com RegisterWriting by Gabriela Baczynska; Editing by Emelia Sithole-MatariseOur Standards: The Thomson Reuters Trust Principles.

☆ Why lab-grown diamond sales are surging
▼ + stars: | 2022-04-27 | by ( Parija Kavilanz | ) edition.cnn.com time to read: +6 min

He said March data showed the number of engagement rings sold that featured a manufactured diamond jumped 63% compared to last year, while the number of engagement rings sold with a natural diamond declined 25% in the same period. “The big fear in the natural diamonds industry is that consumers will start accepting lab-grown diamonds in engagement rings,” he said. “This is substantially less – as much as 73% cheaper – than a natural diamond of the same size, cut and clarity as the man-made diamond, which would cost $8,740,” he said. “A lab diamond is a real diamond, but maybe it took a few weeks to make it,” said Golan. There is, however, one important consideration for anyone buying lab-created diamonds: Man-made diamonds have little resale value.

☆ Un diamant roz de excepţie, vândut la licitație pentru o sumă exorbitantă
▼ + stars: | 2020-11-12 | by ( Publika.Md - Aici Sunt Știrile | ) www.publika.md time to read: +2 min

Denumită "Le Spectre de la Rose", după celebra creaţie a baletului rusesc, această nestemată de 14,83 de carate reprezintă cel mai mare diamant de acest tip, violet-roz din clasa "vivid", pus în vânzare în cadrul unei licitaţii, informează AFP, citează Agerpres De dimensiuni ovale, piatra preţioasă măsoară 1,7 cm lungime şi 1,27 cm lăţime.După câteva minute, diamantul, scos la licitaţie online din cauza pandemiei de coronavirus, a fost vândut pentru suma de 21 de milioane de franci elveţieni, sau 26,6 milioane de dolari, inclusiv comision.Benoit Repellin, director de vânzări în cadrul departamentului destinat bijuteriilor de top de la Sotheby's din Geneva, a declarat că este vorba despre un record pentru un diamant violet-roz.Înainte de licitaţie, casa Sotheby's i-a estimat valoarea între 23 şi 28 de milioane de dolari.Cumpărătorul a dorit să-şi păstreze anonimatul şi să liciteze prin telefon.Acest diamant, "în totalitate pur", este excepţional prin mărime şi culoare, a declarat înainte de licitaţie Benoit Repellin.Originea sa este, de asemenea, una de excepţie.Piatra preţioasă a fost extrasă şi tăiată dintr-un diamant brut de 27,85 carate - cel mai mare diamant brut roz extras în Rusia.Diamantul a fost descoperit în Iacutia, în nord-estul Siberiei, în 2017, de grupul rus Alrosa şi a fost nevoie de un an de muncă minuţioasă pentru a-l tăia oferindu-i-se forma ovală minunată şi păstrându-i-se în acelaşi timp culoarea strălucitoare.Diamantele roz sunt cele mai rare şi râvnite pietre preţioase de pe piaţa mondială.Recordul absolut pentru cel mai scump diamant roz adjudecat vreodată la licitaţie este deţinut de "CTF Star Pink", care s-a vândut cu 71,2 milioane de dolari în 2017, la Hong Kong.Cinci din cele mai scumpe zece diamante vândute vreodată la licitaţie sunt roz. Toate au fost vândute în ultimul deceniu, ceea ce a făcut ca preţurile acestor comori naturale să crească exponenţial.

Persons: Rose, licitaţie Benoit Locations: Agerpres, Geneva, Rusia.Diamantul, Siberiei, licitaţie, Hong

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