Policies & Issues

De Beers Parent Company Speaks Out Against Russia’s Invasion of Ukraine

Policies & IssuesMar 08, 2022

De Beers Parent Company Speaks Out Against Russia’s Invasion of Ukraine

Anglo American is also donating $5 million for humanitarian relief in Ukraine, it said in a statement.

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De Beers parent company Anglo American has spoken out in a statement, condemning Russia’s recent invasion of Ukraine. (Photo courtesy of De Beers Group)
London—De Beers parent company Anglo American has released a statement condemning Russia’s invasion of Ukraine and expressing its support for the Ukrainian people.

“First and foremost, our thoughts are with the people of Ukraine, and we all want a rapid and peaceful resolution and an immediate end to loss of life,” said CEO Mark Cutifani.

He added that in order to support those affected by the war, the Anglo American Foundation will donate $5 million to one or more charities involved in providing humanitarian relief in Ukraine.

The foundation, established in 2005, will also match donations made by employees, up to £1,000 per person per year, through the Employee Match Funding scheme, open to all permanent employees at the company.

Anglo American owns 85 percent of De Beers Group and mines copper, platinum group metals, coal, iron ore, and other materials.

In its statement, the company said the conflict doesn’t have any direct impact on its business since there are no Anglo operations or offices in Ukraine or Russia, though it did note there is potential for “broader markets and supply chains to be affected.”

It added: “We are working with our partners and industry bodies to monitor the situation and prepare for any disruption.”

A De Beers spokesperson said there is a De Beers Jewellers store in Moscow that it does not directly operate—a franchise partner runs it—but the company has stopped all shipments to the store nonetheless.

News of Anglo American’s statement condemning Russia’s actions is noteworthy, given that most of the jewelry industry’s major players have said little to nothing publicly about the conflict in Ukraine as they watch and wait to see how it could impact the industry, which counts on Russia for about 30 percent of the supply in the diamond market.

Russian diamond miner Alrosa, meanwhile, is stepping back from two major industry organizations as the Russian assault on Ukraine continues.

It voluntarily stepped down as vice chair of the Responsible Jewellery Council and suspended its Natural Diamond Council membership and halted financial contributions to the organization.

The U.S. government sanctioned the company and its CEO after Russia invaded Ukraine Feb. 24.

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