Cutters and polishers strengthen traceability to retain business
Speaking at the St Petersburg International Economic Forum in June, Sergei Ivanov, president and chief executive of Russian diamond miner Alrosa, announced that the company was maintaining its originally forecast output of 34-35mn carats in 2022 — above its 2021 production of 32.4mn carats.
“There is a massive loophole, as once a rough diamond [the sole object of sanction] has been polished in places like India, according to the sanctions it has been transformed enough to become of Indian origin,” notes Tobias Kormind, managing director of 77diamonds.com. He refers to the principle of “substantial transformation” which allows changing the place of origin of goods to where they were processed.
India handles more than 70 per cent of all diamonds and its political elite has long courted close ties with Russia Moreover, prominent jewellers have taken responsibility for addressing consumers’ concerns by participating in various industry-backed certification schemes and trying technological solutions, such as blockchain.
While it is easier to imagine how large stones can be segregated, the task seems daunting for the tiny melee diamonds used in pave settings, which are usually traded in bulk rather than individually. “Ironically, we had a low single-digit percentage input from Russia and as such were never overly dependent on Russian supplies,” says Vishal Mehta, Dimexon’s director. But he expects sanctions will put pressure on prices. “We face increased competition, within our suppliers, from those manufacturers who had a high Russian dependence and are looking for alternate sources.
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