SourcingFeb 15, 2022
Supply Constraints Impact Alrosa’s January Sales Policies & IssuesMar 02, 2022
When It Comes to Russian Diamonds, Industry Is Watching, Waiting
The longer Russia’s assault on Ukraine continues, the more complicated the situation becomes for the jewelry industry.
An aerial view of Mir, an open-pit diamond mine in the Sakha Republic operated by Alrosa. Alrosa was one of the companies sanctioned by the U.S. government following Russia’s invasion of Ukraine, a step that could have huge implications for the jewelry industry. (Photo courtesy of Alrosa)
New York—In the week since the United States first levied sanctions on one of the industry’s largest diamond suppliers, one thing has become clear—the situation is complicated, and no one knows quite where the industry goes from here.
Russian diamond miner Alrosa fell under the second round of U.S. sanctions announced last week after Russia launched a deadly, unprovoked assault on Ukraine, creating a humanitarian crisis and drawing criticism from nearly every corner of the globe.
As previously reported, the sanctions are not a total ban on doing business with Alrosa, but the situation is murky.
Russia’s primary banks are sanctioned, which could complicate any financial transactions with Alrosa, as is the company’s CEO, Sergey Ivanov Jr.
Considering the sanctions on Alrosa, the banks and Ivanov, the Jewelers Vigilance Committee recommends companies check the lists of sanctioned companies and individuals, which are available here and here, to ensure they are not doing business with any of them.
Jewelers of America, meanwhile, issued a statement late Monday advising its members to stop buying or selling diamonds, precious metals and gemstones of Russian or Belorussian origin.
It is also a good time for companies to review their anti-money laundering programs, JVC said.
In an interview Tuesday, diamond industry analyst Paul Zimnisky noted the midstream section of the market—cutters and polishers based mainly in India—will be first to feel the effects of the sanctions, as the country’s Gem & Jewellery Export Promotion Council noted in a statement to Rapaport.
Rough diamonds being cut and polished today won’t end up in U.S. retailers’ hands for 3-5 months, and no one can say with any certainty what the situation will be then.
But, what about the diamonds that are already in the United States?
According to JVC, the restrictions placed on Alrosa do not apply to goods obtained from Alrosa or Alrosa USA before Feb. 24, the day the sanctions took effect. And the diamonds are already paid for, meaning they aren’t currently adding to the coffers of the Russian government as it advances in Ukraine.
Zimnisky also pointed out that while the Russian government does own 33 percent of Alrosa, another 33 percent is owned by the government of Sakha (Yakutia), the remote region where Alrosa has most of its mines and where local populations rely on diamonds for their livelihood.
But, from vodka to caviar, there is a groundswell of disdain for Russian products, an irony for Alrosa, which, like the rest of the diamond trade, has spent an extraordinary amount of time and money making sure its stones are traceable from mine to market and can reliably be sold as Russian diamonds.
“Sanctions aside, I think the biggest impact for the industry could be if the Western consumer becomes reluctant to buy Russian diamonds in protest. For many jewelers, one in three or four of the diamonds they hold in inventory are of Russian origin,” Zimnisky said.
“So, this is a big deal for this industry, for sure.”
That fact is not lost on jewelry’s major players, who, so far, have said little to nothing publicly about Russian diamonds.
Signet Jewelers, Tiffany & Co., and Blue Nile did not respond to National Jeweler’s request for comment on how the sanctions will impact their business or their position on Russian diamonds.
As of press time, nothing had been posted to their respective websites or social media accounts addressing the issue.
In fact, the only public reference any of these jewelers have made to the ongoing war and humanitarian crisis in Ukraine came from Signet's Banter by Piercing Pagoda, which posted to Instagram about backing Together Rising in its support of Ukraine, a post that was later removed.
The two retailers that did respond to National Jeweler were Ben Bridge and Helzberg Diamonds, both Berkshire Hathaway-owned companies.
Helzberg said, “Alrosa is not a Helzberg Diamonds business partner,” while Ben Bridge CEO Lisa Bridge said via email they “have not and do not” source directly from Russia.
She added: “At Ben Bridge, we care deeply about protecting both people and the environment in every stage of the supply chain. We have always adhered to the highest ethical and quality standards in the industry to ensure that all of our diamonds and gemstones are mined and sourced responsibly … Today, we stand with the people of Ukraine and keep them in our hearts as they fight for their freedom.”
The sole retailer to speak out publicly so far has been Brilliant Earth, which centers its brand on “responsible sourcing.”
The retailer, which recently went public, posted a tweet over the weekend announcing it had removed all diamonds mined in Russia from its website, though it declined to comment when asked what percentage of its stock consists of Russian goods, citing a quiet period.
At Brilliant Earth, we remain committed to transparency and responsibility, and offering products that meet our high standards. We have removed all Russian mined diamonds from our website. 1/2
— Brilliant Earth (@BrilliantEarth) February 26, 2022
“At Brilliant Earth, we remain committed to transparency and responsibility, and offering products that meet our high standards,” the company wrote on Twitter. “We hope for a peaceful and swift resolution in Ukraine, and, like the rest of the world, are watching the situation there closely.”
Editors' Picks
Sponsored by
Alrosa mined 32.4 million carats of diamonds in 2021, making it the world’s largest diamond producer alongside De Beers (32.3 million carats) and accounting for nearly 30 percent of global supply.
Zimnisky said the potential impact on the diamond industry—which is already grappling with a shortage of rough and rising prices—from a supply standpoint is significant, akin to a disruption in the supply of uranium (which is enriched and used to power nuclear power plants) from Kazakhstan or cobalt (used in batteries for electric cars) from Congo, both of which account for one-third of global supply.
Russia also is a supplier of palladium and gold, with JVC noting Tuesday it is working to determine if there are repercussions for gold coming through Russia.
The longer the invasion of Ukraine and resulting sanctions on Russia continues, the greater the implications for the industry.
“There is hope this is going to be resolved in the near term and, if so, the implications wouldn’t be as great. That is the hope,” Zimnisky said.
But, he concluded, “The longer it goes on, the more complex it gets.”
More on Policies & Issues
The Latest
TrendsJul 24, 2026
Amanda’s Style File: Ode to ‘The Odyssey’From coin pendants to diamond shields, these old world-inspired jewels are the perfect accessory for an epic journey.
TrendsJul 24, 2026
Courtney Leidy’s Silk Cord Pendants Center Unexpected Pairings Our Piece of the Week pairs a checkerboard-cut amethyst with an ivy green silk cord.
PodcastsJul 23, 2026
Episode 7: Reinhold Jewelers on the Power of RelationshipsMildred Marcano Abrams and Yael Reinhold join the podcast to talk community connections, holiday plans, and preserving Reinhold’s legacy.
Brought to you by
Wedding Band Trends 2026: Personalization Takes Center StageColored gemstones, artisan finishes, mixed metals, and meaningful details are shaping demand in bridal jewelry.
SourcingJul 23, 2026
De Beers’ Production Jumps 88 Percent in Q2 Production also was up in the first half of 2026 but is expected to “substantially” decrease in H2 as two key mines undergo maintenance.
Weekly QuizJul 23, 2026
This Week’s QuizTest your jewelry news knowledge by answering these questions.
CollectionsJul 23, 2026
Silvia Furmanovich’s New Collection Travels Back to the 1920s“Art Deco” fuses ancestral techniques, rare materials, and modern perspectives as a tribute to the optimism and curiosity of the movement.
IndependentsJul 23, 2026
Sissy's Log Cabin Opens Casino StoreThe jeweler’s newest store is inside Arkansas’ Saracen Casino Resort.
Brought to you by
Building the Future of Jewelry Retail: DCA Expands Education, Leadership Development, and Workforce SolutionsDCA is preparing the next generation of professionals by supporting workforce development, leadership growth, and career advancement.
WatchesJul 23, 2026
Movado Inks Licensing Deal With Kate Spade New YorkThe watch company will design, manufacture, and distribute Kate Spade New York watches.
CollectionsJul 22, 2026
Monica Rich Kosann’s High Jewelry Is FruitfulThe “Enchanted Garden” series features a cherry, lemon, and pear that each hold a little secret inside.
IndependentsJul 22, 2026
Liljenquist Beckstead Opens Rolex New BoutiqueIt’s located in Tysons Galleria, an upscale shopping center in the Washington, D.C., metro area.
Events & AwardsJul 22, 2026
NY Now Returns in August Under New OwnershipThe show, recently acquired by Rockview Management Group, will be held at New York City’s Javits Center from Aug. 2-4.
ColumnistsJul 21, 2026
Sherry Smith: Shattering the Illusion of the ‘Either/Or’ Diamond MarketSmith offers retailers guidance on creating an environment where natural and lab-grown diamonds can both thrive.
Events & AwardsJul 21, 2026
Apollo Funds Completes Emerald AcquisitionFormer Emerald President and CEO Hervé Sedky has transitioned to the role of senior advisor.
CollectionsJul 21, 2026
Graff’s New Butterfly High Jewelry Brooches MetamorphosizeThe 12-piece capsule collection transforms from brooches to pendants.
SourcingJul 21, 2026
Anglo Reportedly Selects Gareth Penny’s Consortium as Top Bidder for De BeersA Botswana government official told lawmakers Anglo has selected The Global Diamond Consortium, an entity chaired by Penny, to buy De Beers.
Policies & IssuesJul 20, 2026
Tariffs on Brazil to Increase But Rough Gemstones ExemptThe new tariff, imposed after a Trump administration study, is 25 percent and will stack on top of existing tariffs.
CollectionsJul 20, 2026
Vhernier Transforms ‘Freccia’ Collection Into High JewelryThe collection from 2014 has been reinterpreted into high jewelry with its signature triangular-shaped elements.
MajorsJul 20, 2026
Krista Collins Walters Promoted to Publisher of InstoreShe will also take on the role of vice president of jewelry for SmartWork Media, a newly created position.
Events & AwardsJul 20, 2026
TJS Accepting Speaker Proposals for 2027 EventOrganizers are looking for presentations on topics like manufacturing, technology and research, bench work, gemstones, and sustainability.
CollectionsJul 17, 2026
HOWL Taps Shailene Woodley for ‘Home Sweet Home’ CampaignWoodley is seen in the campaign wearing our Piece of the Week, the “Frida” collar featuring 13 pieces of hand-carved Venetian glass.
SourcingJul 17, 2026
U.K. Woman Pays £5 for £15K Diamond Ring at Car Boot SaleA WeBuyVintage jewelry expert uncovered how much the flea market find was actually worth.
SourcingJul 17, 2026
Diamond Dealer Jeff Pancis Pens MemoirThe founder of natural colored diamond wholesaler Pancis Gems shares stories from his five decades in the industry.
Events & AwardsJul 17, 2026
Gem Awards Opens 2027 Nomination PeriodSubmissions for the milestone 25th annual Gem Awards will be accepted across three categories from now through July 31.
EditorsJul 16, 2026
Q&A: Guzema’s Co-Owners On Its US Expansion, 10-Year AnniversaryValeriya Guzema and Mariana Lenha look back on the last decade and discuss the Ukrainian brand’s first U.S. store.
SourcingJul 16, 2026
Ekati to Close, Leaving Canada With One Diamond Mine The diamond mine, which opened nearly 30 years ago in Canada’s Northwest Territories, is expected to shut down by mid-August.
FinancialsJul 16, 2026
Richemont’s Jewelry Sales Soar for the Seventh Quarter in a RowJewelry sales for the company, which owns Cartier, Van Cleef & Arpels, Vhernier, and Buccellati, rose 21 percent in the first quarter.
