SourcingMar 17, 2022
Rebecca Foerster Resigns, Alrosa To Close Its US Office Policies & IssuesMar 25, 2022
UK Sanctions Russian Diamond Miner Alrosa
Foreign Secretary Liz Truss announced 65 new sanctions Thursday.
The United Kingdom has now sanctioned Alrosa, preventing its citizens and companies from doing business with the Russian diamond miner. Pictured here is a selection of Alrosa rough diamonds. (Image courtesy Alrosa)
London—The U.K. has joined the United States in sanctioning Alrosa as Russia’s invasion of Ukraine continues.
On Thursday, U.K. Foreign Secretary Liz Truss announced 65 new sanctions against Russian entities and individuals, targeting strategic industries, banks, and business elites the U.K. views as aiding Russia’s invasion.
Alrosa mined 32.4 million carats of in 2021, accounting for nearly 30 percent of global supply, with sales topping $4 billion. The Russian government holds a 33 percent stake in the company.
In addition to Alrosa, the U.K.’s sanctions included six banks and individuals like billionaire oil tycoon Eugene Shvidler; Herman Gref, CEO of Russia’s largest bank, Sberbank; and Polina Kovaleva, Foreign Minister Sergey Lavrov’s stepdaughter.
The Foreign Secretary said the U.K. has now sanctioned more than 1,000 individuals and businesses since the invasion began.
“All those sanctioned today will have their assets in the U.K. frozen, which means no U.K. citizen or company can do business with them, and individuals subject to travel bans are also prohibited from traveling to or from the U.K.,” Truss said in a statement.
U.S. sanctions aimed at the Russian diamond industry started with Alrosa and its CEO, Sergey Ivanov Jr., on Feb. 25.
Those sanctions didn’t freeze Alrosa’s assets or completely bar U.S. companies from doing business with Alrosa, but they did make it complicated.
The U.S. tightened the noose on March 11, banning the import of rough diamonds from Russia as well as finished diamonds cut and polished in the country.
On Thursday, U.K. Foreign Secretary Liz Truss announced 65 new sanctions against Russian entities and individuals, targeting strategic industries, banks, and business elites the U.K. views as aiding Russia’s invasion.
Alrosa mined 32.4 million carats of in 2021, accounting for nearly 30 percent of global supply, with sales topping $4 billion. The Russian government holds a 33 percent stake in the company.
In addition to Alrosa, the U.K.’s sanctions included six banks and individuals like billionaire oil tycoon Eugene Shvidler; Herman Gref, CEO of Russia’s largest bank, Sberbank; and Polina Kovaleva, Foreign Minister Sergey Lavrov’s stepdaughter.
The Foreign Secretary said the U.K. has now sanctioned more than 1,000 individuals and businesses since the invasion began.
“All those sanctioned today will have their assets in the U.K. frozen, which means no U.K. citizen or company can do business with them, and individuals subject to travel bans are also prohibited from traveling to or from the U.K.,” Truss said in a statement.
U.S. sanctions aimed at the Russian diamond industry started with Alrosa and its CEO, Sergey Ivanov Jr., on Feb. 25.
Those sanctions didn’t freeze Alrosa’s assets or completely bar U.S. companies from doing business with Alrosa, but they did make it complicated.
The U.S. tightened the noose on March 11, banning the import of rough diamonds from Russia as well as finished diamonds cut and polished in the country.
Diamonds cut and polished elsewhere can still be imported into the United States, but the Jewelers Vigilance Committee said when the ban was announced that the trade should proceed with “extreme caution” when it comes to goods from Russia.
It also noted it is likely the U.S. government will ramp up sanctions in the future so that even diamonds cut and polished elsewhere are barred from import into the U.S.
The European Union, so far, has only prohibited the export of luxury goods valued at more than €300 (about $330) to Russia, including diamonds and jewelry, but has not put restrictions in place regarding the import of Russian diamonds.
The Antwerp World Diamond Centre did not send comment in response to an email from National Jeweler inquiring about its stance on Russian goods and how it is advising traders on the matter.
Media reports indicate the city’s diamond trade is concerned about the impact EU sanctions could have on business. According to The Brussels Times, more than €1 billion of Russian diamonds passed through Antwerp in 2020.
AWDC spokesperson Tom Neys is quoted as saying to the Gazet van Antwerpen: “Sanctions can have a significant impact on the diamond business. It is a blow that should hurt Russia, but there is a chance that we do more damage to ourselves. The Russians can easily trade their diamonds with non-EU countries.”
Israel and India haven’t imposed any sanctions on Russia, meaning its diamonds can still be imported there.
Neither India’s GJEPC nor the Israel Diamond Institute responded to an email inquiry from National Jeweler asking about their current stance on Russian diamonds and trading.
Editors' Picks
Sponsored by
More on Policies & Issues
The Latest
AuctionsApr 07, 2025
182-Carat Paraíba-Type Tourmaline Heading to Auction in Hong KongBonhams will offer the “Kat Florence Lumina” at its May 22 jewelry auction.
CrimeApr 07, 2025
Third Man Involved in $2.7M Smash-and-Grab Is SentencedIn March 2022, the men went into a jewelry store in Beverly Hills and smashed the display cases with sledgehammers and crowbars.
AuctionsApr 07, 2025
Sotheby’s ‘Area_51’ Watch Auction Totals $1.6MThe 51 unique watches from Sotheby’s three-day sale and immersive exhibition all found buyers, with the top lot selling for $229,955.
MajorsApr 07, 2025
Jewelers Mutual Expands to Australia Via New AcquisitionThe company has acquired Australian jewelry insurance provider Jewellers Loop.
Weekly QuizApr 03, 2025
This Week’s QuizTest your jewelry news knowledge by answering these questions.
Events & AwardsApr 07, 2025
Converge Taps Neuroscientist as Opening Keynote SpeakerBeau Lotto’s immersive presentation will be a blend of neuroscience, art, and entertainment.
AuctionsApr 04, 2025
25-Carat Burmese Sapphire Brooch Sells for $101KA pink topaz Belle Époque pendant-brooch and a Victorian Egyptian Revival choker were also highlights at a recent Anderson & Garland sale.
Brought to you by
The Heart of the Industry: Giving Bench Jewelers the Recognition They DeserveBench jewelers spend years honing their skills, Jewelers of America’s Certification validates their talents.
SourcingApr 04, 2025
Mason-Kay Jade to Hold Inaugural International Jade SummitThe event, which will co-locate with the Monterey Bay Jade Festival, will bring education sessions focused on jade to the United States.
CollectionsApr 04, 2025
Piece of the Week: Heather B. Moore’s ‘Lily of the Valley’ CharmThe charm is a celebration of springtime as April showers bring May flowers with the piece’s cluster of diamond raindrops.
SurveysApr 03, 2025
2025 Retail Sales to Grow More Slowly Amid ‘Uncertainty,’ Says NRFThe National Retail Federation expects retail sales growth to return to pre-pandemic levels as consumers continue to face inflation.
TrendsApr 03, 2025
Tallulah Willis Imbues Antique Engagement Ring With MagicThe 4-carat, old mine brilliant-cut diamond engagement ring was co-designed by Willis and New York City-based brand Karina Noel.
SourcingApr 03, 2025
Canadian Mine Produces 158-Carat Yellow Diamond Rio Tinto unearthed the diamond at its Diavik mine in Canada’s Northwest Territories.
CollectionsApr 03, 2025
Buccellati to Open Immersive Exhibition in MilanThe multisensory experience, open April 8-13, will feature the brand’s silver creations among dream-like scenes of natural landscapes.
CollectionsApr 02, 2025
Bea Bongiasca’s ‘Tarallo’ Collection Expansion Is a ZooThe pieces in “Animali Tarallo” portray animals from stingrays to elephants through portraits and interpretations of their patterns.
MajorsApr 02, 2025
Neiman Marcus’ Dallas Flagship Will Remain Open, For NowParent company Saks Global said the iconic location will be open through the holiday season as it decides what to do with the space.
SourcingApr 02, 2025
Winston’s Collection of Natural Color Diamonds Now on Display in D.C. Ronald Winston, son of Harry Winston, donated the diamonds to the Smithsonian National Museum of Natural History in Washington, D.C.
Events & AwardsApr 02, 2025
Punchmark to Host Client WorkshopThe educational event will take place in Charlotte, North Carolina, this May.
IndependentsApr 01, 2025
Bergman Jewelers in Omaha Closing After 137 YearsThe independent jeweler first opened its doors in 1888.
MajorsApr 01, 2025
QVC Group to Cut 900 Jobs in the U.S.The layoffs come amid the TV shopping channel’s efforts to restructure and focus on live shopping through social media.
Events & AwardsApr 01, 2025
U.S. Antique Shows Adds Fall Show in FloridaThe debut event will take place in Miami’s Coconut Grove neighborhood this fall.
Events & AwardsApr 01, 2025
TJS to Host Discussion on Jewelry Industry’s Labor ShortageThe roundtable will take place May 17 ahead of the trade show’s welcome dinner.
CollectionsApr 01, 2025
Monica Rich Kosann Says ‘Good Grief’ in Peanuts Jewelry CollectionThe “Peanuts x Monica Rich Kosann” collection features the comic strip’s classic vocabulary across 10 bracelet designs.
Recorded WebinarsMar 31, 2025
Watch: What Do We Mean When We Say ‘Recycled’ Gold?Three industry experts dive into the complexities of the material often marketed as an “ethical” alternative for metal in jewelry.
TrendsMar 31, 2025
Amanda’s Style File: Dripping in DiamondsDiamonds are not only one of the most prominent gemstones, but the birthstone for those born in April.
MajorsMar 31, 2025
Lashbrook Expands Into Luxury Golf Gifts With AcquisitionThe Utah-based company known for making wedding bands has acquired Doubloon Golf.
WatchesMar 31, 2025
Bulgari CEO Jean-Christophe Babin Will Also Head LVMH WatchesThe longtime luxury executive led one of LVMH’s watch brands, TAG Heuer, for 12 years before taking over Bulgari in 2013.
