SourcingFeb 15, 2022
Supply Constraints Impact Alrosa’s January Sales Policies & IssuesFeb 25, 2022
Alrosa Lands on US Sanctions List After Russia Invades Ukraine
The sanctions are not a total ban on doing business with Alrosa in the U.S., but they still will have an impact on the jewelry industry.
Washington, D.C.—The U.S. government has sanctioned diamond miner Alrosa as part of its efforts to punish Russia after its invasion of Ukraine Thursday.
The Department of the Treasury’s Office of Foreign Assets Control (OFAC) released an extended list of sanctions on Thursday, building on those imposed earlier this week to target the Russian financial system, including all its largest financial institutions and the ability of state-owned and private entities to make money.
Named on the list is Alrosa, the world’s biggest diamond producer by volume, mining 32.4 million carats in 2021 with sales topping $4 billion.
The diamond miner is listed under Directive 3 under E.O. 14024 from OFAC, which prohibits transactions and dealings by those in the United States in new debt of longer than 14 days or new equity of Russian state-owned entities.
In explaining its decision to sanction Alrosa, the U.S. Treasury said the company is responsible for 90 percent of Russia’s diamond mining capacity, which accounts for 28 percent globally.
The Russian government also holds a 33 percent stake in the company.
The sanctions are not an outright freeze on Alrosa’s assets, nor a complete ban on doing business with the company, the Jewelers Vigilance Committee explained.
They also do not apply to goods acquired from Alrosa or Alrosa USA before Feb. 24, 2022, though JVC recommends businesses hold on to records showing the date Russian-origin goods were acquired and pass along this information to customers if they ask.
What the sanctions do mean for the jewelry industry is that any open memo agreements with terms longer than 14 days should be amended to shorten the terms and/or closed, JVC said.
JVC also advises any U.S. business currently doing business with Alrosa or Alrosa USA should “evaluate the status of any transactions and work to ensure that their transactions do not violate the sanctions.”
The Treasury also launched new actions against influential Russians in President Vladimir Putin’s inner circle or in positions of power within Russia.
Among them is Alrosa CEO Sergey Ivanov Jr., added to the OFAC Specially-Designated Nationals list because he is the son of Sergey Ivanov Sr., a high-ranking Kremlin official who has been on OFAC’s Specially Designated Nationals list since 2014, and because he is a board member of Gazprombank, Russia’s third-largest financial institution and another sanctioned entity.
Related stories will be right here …
The Department of the Treasury’s Office of Foreign Assets Control (OFAC) released an extended list of sanctions on Thursday, building on those imposed earlier this week to target the Russian financial system, including all its largest financial institutions and the ability of state-owned and private entities to make money.
Named on the list is Alrosa, the world’s biggest diamond producer by volume, mining 32.4 million carats in 2021 with sales topping $4 billion.
The diamond miner is listed under Directive 3 under E.O. 14024 from OFAC, which prohibits transactions and dealings by those in the United States in new debt of longer than 14 days or new equity of Russian state-owned entities.
In explaining its decision to sanction Alrosa, the U.S. Treasury said the company is responsible for 90 percent of Russia’s diamond mining capacity, which accounts for 28 percent globally.
The Russian government also holds a 33 percent stake in the company.
The sanctions are not an outright freeze on Alrosa’s assets, nor a complete ban on doing business with the company, the Jewelers Vigilance Committee explained.
They also do not apply to goods acquired from Alrosa or Alrosa USA before Feb. 24, 2022, though JVC recommends businesses hold on to records showing the date Russian-origin goods were acquired and pass along this information to customers if they ask.
What the sanctions do mean for the jewelry industry is that any open memo agreements with terms longer than 14 days should be amended to shorten the terms and/or closed, JVC said.
JVC also advises any U.S. business currently doing business with Alrosa or Alrosa USA should “evaluate the status of any transactions and work to ensure that their transactions do not violate the sanctions.”
The Treasury also launched new actions against influential Russians in President Vladimir Putin’s inner circle or in positions of power within Russia.
Among them is Alrosa CEO Sergey Ivanov Jr., added to the OFAC Specially-Designated Nationals list because he is the son of Sergey Ivanov Sr., a high-ranking Kremlin official who has been on OFAC’s Specially Designated Nationals list since 2014, and because he is a board member of Gazprombank, Russia’s third-largest financial institution and another sanctioned entity.
While the sanctions on Ivanov don’t necessarily prohibit transactions with Alrosa, JVC Deputy General Counsel Sara Yood said non-blocked entities controlled or led by blocked persons are at risk for further sanctions, as per OFAC.
She added that U.S. businesses considering transacting with companies controlled or led by sanctioned individuals should be sure they’re not making any missteps, such as inadvertently signing a contract with the blocked person.
As of press time, Alrosa had yet to issue a statement on the sanctions.
Thursday’s sanctions build on those levied earlier this week, when OFAC announced sanctions on two Russian banks, the Corporation Bank for Development and Foreign Economic Affairs Vnesheconombank (VEB) and Promsvyazbank Public Joint Stock Company (PSB), as well as 42 of their subsidiaries.
OFAC also levied sanctions on five high-ranking officials in President Vladimir Putin’s government.
“Our actions, taken in coordination with partners and allies, will degrade Russia’s ability to project power and threaten the peace and stability of Europe,” Secretary of the Treasury Janet L. Yellen said when Thursday’s sanctions were announced.
“We are united in our efforts to hold Russia accountable for its further invasion of Ukraine while mitigating impacts to Americans and our partners. If necessary, we are prepared to impose further costs on Russia in response to its egregious actions.”
JVC will address the Russian sanctions at its first compliance briefing of 2022, scheduled for Friday from 11 a.m. to noon Eastern. (It is for JVC members only.)
Jewelers of America said: “We are concerned about the evolving crisis in Ukraine and we are evaluating the real-world impact of sanctions. We will be issuing guidance to members in the coming days.”
In light of the sanctions released earlier in the week, both JVC and JA are urging U.S. jewelry businesses to determine if any of their suppliers or customers are using bank accounts connected to the sanctioned financial entities and, if so, to stop doing business with those accounts.
The full list of entities and individuals sanctioned Thursday can be found here and those sanctioned earlier in the week can be found here.
OFAC’s updated Specially Designated Nationals list is also available to search.
Anyone with questions or a need to obtain authorization to wind down transactions under a general license should contact the OFAC hotline at 1-800-540-6322.
More on Policies & Issues
The Latest
AuctionsNov 13, 2026
Historic ‘Romanov Sapphire’ Achieves $4.9M at Sotheby’sThe 197-carat Russian Crown jewel was the leading lot of Sotheby's white-glove Royal & Noble Jewels sale this week.
CollectionsNov 13, 2026
Maison Marcelle’s Bracelet Flows Like FabricThe “Équation” bracelet, our Piece of the Week, was built via 24 gold modules assembled into a piece that feels like fabric on the wrist.
IndependentsNov 13, 2026
Texas Jeweler to Close After 111 YearsAlter’s Gem Jewelry in Beaumont, Texas, is closing as Brian and Lori Alter retire to spend more time with family.
Brought to you by
DSF Antique Jewelry: Fine Jewelry, Signed Designers, and a World of Rare DiscoveriesWith over 50 years experience in the trade, DSF Antique Jewelry offers quality, craftsmanship, condition, and remarkable variety.
Events & AwardsNov 13, 2026
Tiffany & Co., CFDA Unveil Second Jewelry Designer Award Finalists Five finalists have been chosen for the Tiffany & Co. x CFDA Jewelry Designer Award’s second cycle.
Weekly QuizNov 12, 2026
This Week’s QuizTest your jewelry news knowledge by answering these questions.
CrimeNov 12, 2026
1 of 7 Men Charged in $100M Brinks Heist to Plead GuiltyThree of the other alleged perpetrators will stand trial next March, while two remain on the lam and one was deported late last year.
AuctionsNov 12, 2026
24-Carat ‘Bulgari Pink’ Diamond Sells for $14.8MUnseen for more than seven decades, the fancy intense pink diamond was the star of Christie’s Geneva jewelry auction.
Brought to you by
How Overnight Mountings’ Bridal Builder Makes Custom Engagement Ring Design Easier to SellWith customization becoming more expected in engagement ring shopping, the Bridal Builder makes the process tangible.
WatchesNov 12, 2026
Zadok Jewelers Now Offers Certified Pre-Owned Rolex WatchesThe curated selection is available online and at its showroom in Austin, Texas.
IndependentsNov 12, 2026
Greenberg’s Jewelers Welcomes New Fourth-Generation MembersThe next generation understands what makes the 126-year-old retailer special, said CEO and Co-President Elise Greenberg.
Lab-GrownNov 10, 2026
GIA Examines Pink Lab-Grown Diamond Made to Look NaturalThe 6-carat CVD-grown pink diamond was “deliberately modified” to mimic the appearance of a natural rough diamond, the lab said.
SourcingNov 10, 2026
Botswana in Line to Take Controlling Stake in De Beers, President Says If the Global Diamond Consortium emerges as the top bidder for De Beers, Botswana’s stake will double to 30 percent, Duma Boko said Monday.
ColumnistsNov 10, 2026
Who Checks the Facts When AI Writes Your Jewelry Copy?An incorrect AI-generated ad or product description can cost your store valuable consumer trust.
Events & AwardsNov 09, 2026
Here Are the 2027 Gem Award NomineesThese nine individuals and brands are up for a Gem Award in the Jewelry Design, Media Excellence, and Retail Innovation categories.
CrimeNov 09, 2026
Jeweler Pistol-Whipped, $900K in Jewelry Stolen During Home Invasion The incident, which happened in Miami-Dade County, serves as a reminder to jewelers of the dangers of selling and storing jewelry at home.
GradingNov 09, 2026
GIA Acquires Thousands of Gem Specimens With ‘Extraordinary’ InclusionsGIA Analytical Microscopist John Koivula curated the collection of 2,665 crystals, gems, and minerals over a 60-year span.
CollectionsNov 09, 2026
Bibi van der Velden’s Alligators Become High JewelryThe “Eclipse” collection, the brand’s first high jewelry line, centers its alligator motif in diamond and spinel jewels.
EditorsNov 06, 2026
The Spectrum Pieces I Can’t Stop Thinking AboutFrom a Betta fish brooch to a “dragon’s trove” of zircon eggs, here are seven pieces that’ve stuck with Associate Editor Lauren McLemore.
TrendsNov 06, 2026
Pat Pruitt’s DragonFly Earrings Take Flight on Election NightGroundbreaking New Mexico Governor-elect Deb Haaland wore the earrings, our Piece of the Week, when she declared victory on Tuesday.
MajorsNov 06, 2026
SNL’s Colin Jost Finds the Perfect Gift in Kay Jewelers’ Holiday AdJost goes on an epic journey, traversing rough seas and encountering a cyclops, to discover the perfect holiday gift.
Supplier BulletinNov 05, 2026
Winning With GCAL 8X®: What’s Working at the CounterSponsored by GCAL by Sarine
SurveysNov 05, 2026
What Retailers Should Know About Holiday Shoppers This YearFrom shrinking budgets to AI elves, here are five takeaways from holiday reports by Bain, Adobe, Mastercard, NRF, and insights from YouGov.
CollectionsNov 05, 2026
Judi Powers, Russell Jones Unleash Joy With New CollaborationThe designers combined their talents for Little Pet Portraits, hand-painted miniatures of our best friends set in a piece of jewelry.
FinancialsNov 05, 2026
Brilliant Earth Continued to Resonate With High-Income Shoppers in Q3Its non-bridal fine jewelry remains the star of the show, recently launching new collections inspired by Elizabeth Taylor and Jane Goodall.
MajorsNov 05, 2026
Ariana Grande Stars In Swarovski’s Holiday Campaign“Joy: The Swarovski Musical” features Ariana Grande as the leading lady in scenes inspired by classic musical montages.
GradingNov 05, 2026
GIA to Offer Next-Day Holiday ServicesThe lab will bring back its complimentary next-day service for some reports starting next week.
CrimeNov 04, 2026
$250K+ in Undeclared Cartier Jewelry Seized at Philadelphia AirportA Pennsylvania woman failed to declare a ring and a bracelet, discarding the boxes and receipts to conceal the purchases, officials said.
