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.
Related stories will be right here …
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
IndependentsMay 13, 2026
New Orleans Jeweler Closing Canal Place StoreJack Sutton Fine Jewelry is closing its store inside the downtown shopping center after 40 years in business.
SourcingMay 13, 2026
Smithsonian Acquires ‘Winston Red’ Diamond PaintingReena Ahluwalia’s painting of the rare red diamond is the first contemporary painting to join the National Gem Collection.
TrendsMay 13, 2026
State of Design: Only the Innovative Will SurviveThe price of gold has risen, affecting the number of pieces designers make, the materials they use, and how they position themselves.
Brought to you by
How Modern Training Is Becoming a Competitive Advantage for Jewelry RetailersWith the trade and customer trust in mind, GIA® developed NextGem™ – on-demand training designed specifically for retail.
ColumnistsMay 12, 2026
It’s Official: We’re Getting ‘Brain Rot’ From Watching Short-Form Videos Peter Smith gives tips on leading meetings, developing marketing, and making trade show appointments in the age of short attention spans.
Weekly QuizMay 07, 2026
This Week’s QuizTest your jewelry news knowledge by answering these questions.
CollectionsMay 12, 2026
Jessica McCormack Debuts Antique Coin-Inspired Medallions for SummerThe 11-piece “Medallions” capsule collection features five motifs: a crying eye, a heart on fire, a spiral, a flower, and a swallow.
IndependentsMay 12, 2026
State of Retail: 6 Things Retailers Should Know About Consumers TodayFrom Gen Z’s view of luxury to “doom spending,” these are the six consumer trends to note this year.
Brought to you by
Discover Timeless Treasures: A Showcase of Antique Jewelry & Timepieces in Las VegasGain access to the most exclusive and coveted antique pieces from trusted dealers during Las Vegas Jewelry Week.
Events & AwardsMay 12, 2026
The Tiffany & Co. x CFDA Jewelry Designer Award Is BackThe partners have announced the second cycle of the program, which has expanded to include a $25,000 student scholarship.
IndependentsMay 11, 2026
Kansas Jeweler Closing After 70 YearsThe owners of Staats Jewelers are heading into retirement.
TrendsMay 11, 2026
Former Macy’s CEO Joins Signet Jewelers BoardJeffrey Gennette, who retired in 2024 after 41 years with Macy’s, is the newest member of the jewelry retailer’s board of directors.
TrendsMay 11, 2026
Amanda’s Style File: Lucky May May babies are lucky to have emeralds, a gemstone admired for centuries, as their birthstone, writes Amanda Gizzi.
TechnologyMay 11, 2026
Clientbook’s New Tool Helps Jewelers Plan In-Store EventsThe new module allows retailers to plan, promote, and measure the success of events from a single dashboard.
Lab-GrownMay 08, 2026
NDC Publicly Criticizes Pandora Over ‘Misleading’ Natural Diamond ClaimsNDC said in an open letter that Pandora’s statements about the carbon footprint of lab grown versus natural diamonds are inaccurate.
SourcingMay 08, 2026
Ronnie VanderLinden Takes Over as WDC President The diamantaire and industry leader succeeds Feriel Zerouki and said he will focus on being a “champion” for natural diamonds.
TrendsMay 08, 2026
Rihanna Chooses ‘Desert Diamonds’ for 2026 Met GalaShe wore our Piece of the Week, Glenn Spiro’s “Old Moghul Golconda” earrings, featuring fancy brown-yellow diamonds totaling 51.90 carats.
Events & AwardsMay 08, 2026
JA Announces 2026 CASE Award WinnersTwo pieces were named “Best in Show,” one from the retail category and one from the supplier category.
FinancialsMay 07, 2026
Brilliant Earth Appeals to Higher-Income Shoppers in Q1The jewelry retailer noted resilience among its higher-end customers while demand softened for its lower-priced offerings.
AuctionsMay 07, 2026
‘Spectacular’ Kashmir Sapphire Headlines Heritage Spring Jewelry SaleLed by the 6.59-carat sapphire, the sale garnered $9.7 million, a record total for a Heritage jewelry auction.
MajorsMay 07, 2026
Gannon & Scott Names New Regional Account ExecutiveIn his new role, sales specialist Billy Welshoff will focus on the eastern United States.
WatchesMay 07, 2026
Chrono24 Names New CEOJosé Gaztelu has been promoted to the role, which has been vacant since last year.
Events & AwardsMay 07, 2026
JA Accepting Applications for 2026 Scholarship ProgramIt has also opened the application period for the Seymour & Evelyn Holtzman Bench Scholarship through June 30.
SourcingMay 06, 2026
Canada’s Oldest Diamond Mine Faces Uncertain FutureThe owner of the Ekati mine, which opened in 1998, has filed for insolvency protection amid the significant decline in diamond prices.
FinancialsMay 06, 2026
Pandora to Add Carbon Footprint Info to Lab-Grown DiamondsThe company announced the change alongside its Q1 results, which showed that the jewelry brand’s year is off to a shaky start.
MajorsMay 06, 2026
Saks Global Begins Layoffs, Reorganization Plans Closer to ApprovalThe retailer will cut 16 percent of its corporate workforce as part of its plan to exit bankruptcy.
AuctionsMay 06, 2026
Steve McQueen’s Heuer Monaco Watch Heads to Sotheby'sOf the many examples used in the filming of “Le Mans,” this one is believed to have spent the most time on Steve McQueen’s wrist.
EditorsMay 05, 2026
This Ohio Designer’s Jewelry Made It to the Met GalaMegan Piccione dressed Lauren Wasser in layers of diamond jewelry, making her stand out in a crowd that included celebrities like Beyoncé.
