UK Sanctions Russian Diamond Miner Alrosa
Foreign Secretary Liz Truss announced 65 new sanctions Thursday.

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.
The Latest

Acquired by a tech investor, the historic brand will continue to focus on jewelry, accessories, and timepieces.

The “Thunderbird Slab” collection features a thunderbird motif as a symbol of power, protection, and boundless possibility.

Columnists Jen Cullen Williams and Duvall O’Steen share tips on how to elevate your professional image.

As a leading global jewelry supplier, Rio Grande is rapidly expanding and developing new solutions to meet the needs of jewelers worldwide.

Peter Damian Arguello, a jeweler in the Denver suburb of Wheat Ridge, was found dead inside his store in November 2023.


The retailer, owned by Berkshire Hathaway, is becoming part of the Berkshire Hathaway Jewelry Group with Helzberg.

The Continental Buying Group’s 2025 Tampa Experience Show is slated for Sept. 8-10.

The Seymour & Evelyn Holtzman Bench Scholarship from Jewelers of America returns for a second year.

Associate Editor Lauren McLemore recently attended a fabrics trade show where a trend forecaster shared her predictions for summer 2027.

The company raised its full-year sales guidance while noting it has not yet assessed the potential impact of the latest tariff news.

The organization has raised more than $1.3 million for charity since its inception.

The brand’s latest iteration of a bezel-set diamond bangle features clean lines and a timeless design for a new modern silhouette.

The first watch in the series commemorates his participation in the Civil Rights movement, marching from Selma to Montgomery in 1965.

The catalog contains a complete listing of all the loose gemstones in stock, as well as information about the properties of each stone.

The company added a retailer dashboard to its site and three new birds to its charm collection, the cardinal, blue jay, and hummingbird.

The jewelry and accessories retailer plans to close 18 stores as part of the proceedings.

Its Springfield, Massachusetts, store is set to close as owner Andrew Smith heads into retirement.

Designer Hiba Husayni looked to the whale’s melon shaped-head, blowhole, and fluke for her new chunky gold offerings.

She will present the 23rd edition of the trend forecasting book at Vicenzaoro on Sept. 7.

Omar Roy, 72, was arrested in connection with the murder of jeweler Dionisio Carlos Valladares.

The New Orleans-based brand’s “Beyond Katrina” jewels honor the communities affected by the storm.

Lilian Raji explains why joining an affiliate network is essential for brands seeking placements in U.S. consumer publications.

The organization has awarded a total of $42,000 through its scholarship programs this year.

The winner of the inaugural David Yurman Gem Awards Grant will be announced live at the 2026 Gem Awards gala.

As summer winds down, celebrate the sunny disposition of the month’s birthstones: peridot and spinel.

Moshe Haimoff, a social media personality and 47th Street retailer, was robbed of $559,000 worth of jewelry by men in construction outfits.

Xavier Dibbrell brings more than a decade of experience to the role.