EU and UK Sanctions on Russia Continue to Exclude Diamonds
1 Minute Read
This week members of the European Union (EU) discussed increasing sanctions against industries tied to Russia's government. Currently, the EU has imposed four sets of sanctions against Russia due to President Vladimir Putin's invasion of Ukraine.
A key portion of existing restrictions focuses on banning transactions with certain state-owned enterprises and the export of luxury goods from Russia. While sanctions directly ban the import of certain products, like steel, the provisions allow the import of rough diamonds from Russia.
Similarly, the UK still allows the import of rough diamonds from Russia. According to Statista, UK consumers spent approximately 6.6 billion British pounds on jewelry in 2020.
While companies can continue importing Russian diamonds in the EU and UK, public sentiment weighs heavily against doing so. Russian diamond mining giant Alrosa is owned by Putin's regime, meaning its revenue could directly be used to continue the war against Ukraine.
Consumers across the world are taking to social media to put pressure on companies to stop doing business in Russia. These create social sanctions on Russia and corporations who continue to do business in Russia.
However, public outcry on social media doesn't always carry over to the physical world. As long as importing Russian diamonds remains legal in the EU and UK, companies will continue to do so, and segments of consumers will purchase Russian diamonds whether they are conscious or not of their origin.
Walter Yeates is a novelist, journalist, and screenwriter. He has bylines at Huffington Post and even Elite Daily. He embedded with First People and Military Veterans at Standing Rock several years ago and recently launched his own multi-platform publishing company, RHELM Studios. When he isn’t busy, he enjoys exercising and playing video games.
Major Retailers Stop Buying Russian Diamonds as Public Pressure Mounts Amidst Ongoing Russian Invasion of Ukraine, Humanitarian Crisis
Diamond Foundry Sues US Over Tariffs on Chinese Diamonds
Russia’s Invasion of Ukraine May Push Gold Prices Beyond $2000 Per Ounce
Doroth’ee Gizenga, Leading Light for Small Diamond Miners, Dies
What is the Best Lap for Polishing Sapphire?
Seven Famous Pearls and Their Histories
Opal Stones and Gems: Value, Price, and Jewelry Information
Seven Stunning but Delicate Engagement Ring Stones
When you join the IGS community, you get trusted diamond & gemstone information when you need it.
Get started with the International Gem Society’s free guide to gemstone identification. Join our weekly newsletter & get a free copy of the Gem ID Checklist!