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
CollectionsAug 17, 2026
Marquise Diamonds Dance in Spinelli Kilcollin’s ‘Wren’ CollectionMarquise-cut diamonds in drop charms are the center of the new collection, reflecting the movement of a dancer in modular styles.
Events & AwardsAug 17, 2026
There’s a New Jewelry Show Coming to FloridaThe inaugural Fort Lauderdale Jewelry, Antique, & Object Show will be held from Jan. 28 through Feb. 1, 2027.
IndependentsAug 14, 2026
Smyth Jewelers to Open Fourth LocationThe family-owned jeweler will open a new showroom in Bel Air, Maryland, this fall.
Brought to you by
Why More Jewelry Retailers Are Hosting Turnkey Estate Buying EventsRetailers are seeking new ways to attract customers, increase traffic, and create revenue – Estate buying events are a popular solution.
CrimeAug 14, 2026
Wife of Man Convicted in Jeweler’s Murder Sentenced for Conspiracy Amanda Ileana Hernandez is married to Carlos Hernandez, one of two men in prison for the 2024 murder of Michigan jeweler Hussein Murray.
Weekly QuizAug 13, 2026
This Week’s QuizTest your jewelry news knowledge by answering these questions.
TrendsAug 14, 2026
Paul Morelli’s Latest ‘Wavey Vine’ Earrings Embrace ColorThe reimagined jewel, our Piece of the Week, trades the diamonds in the original 1998 design for blue, pink, yellow, and green sapphires.
Supplier BulletinAug 13, 2026
Your Piece Could Be the One Editors Talk AboutSponsored by American Gem Trade Association
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.
FinancialsAug 13, 2026
Pandora’s ‘Talisman’ Collection Shines, Lab-Grown Diamond Sales FallIn the United States, second-quarter sales were flat amid soft consumer sentiment and lower in-store traffic.
AuctionsAug 13, 2026
This Gold Cadbury ‘Conundrum’ Egg Set a World Auction RecordThe 22-karat gold egg, sold at Batemans Auctioneers in the U.K., was part of a 1980s treasure hunt ad campaign for Cadbury Creme Eggs.
SourcingAug 13, 2026
2,488-Carat Diamond, Largest Found in Botswana, Has a New Owner Lucara Diamond Corp., which recovered the “Motswedi” diamond from the Karowe mine, sold the stone for an undisclosed amount.
CollectionsAug 13, 2026
John Hardy Infuses ‘Icon,’ ‘Heishi’ Collections with ColorThe expanded collections now feature hand-cut gemstones like topaz, tanzanite, chrysoprase, chalcedony, smoky quartz, and fire opal.
Lab-GrownAug 13, 2026
Jean Dousset Opens Third StoreThe lab-grown diamond jewelry brand’s newest boutique is in Westfield Valley Fair in Santa Clara, California.
SourcingAug 12, 2026
Eshed-Gemstar on the Painstaking Process of Cutting ‘The Legacy Emerald’The gemstone supplier and manufacturer acquired the remarkable 104-gram Zambian emerald at Gemfields’ auction in May.
CrimeAug 12, 2026
Elderly NYC Woman Targeted in Jewelry Swap SchemeTwo suspects offered to trade the woman a “winning” lottery ticket for her jewelry.
SourcingAug 12, 2026
Another Diamond Mine Poised to CloseFinsch has been in business rescue since May, and owner Petra Diamonds said it sees no viable path forward for the mine.
CrimeAug 12, 2026
Jewelry Store Employee Gets 20 Years to Life in Choking Death of BossMichel Patrick DeSalles was sentenced after pleading guilty to the 2017 murder of Omid Gholian, who owned a jewelry store in Manhattan.
MajorsAug 12, 2026
Frederick Goldman Names New SVP of SalesLongtime industry executive Beth Miller has taken on the role.
AuctionsAug 11, 2026
Verdura Unicorn Brooch With Royal Connection Up for Auction The brooch was owned by Virginia Fortune Ryan Ogilvy, who served as a lady of the bedchamber to Queen Elizabeth II for nearly 50 years.
MajorsAug 11, 2026
Signet Jewelers Selects Mattel Exec to Lead Zales, BanterJamie Cygielman will take on the role on Aug. 24.
IndependentsAug 11, 2026
Polly’s Fine Jewelry Co-Owner Richard Moore Dies at 69Moore, Polly’s husband, is remembered as a family man with an easygoing spirit and a love for sports and the outdoors.
ColumnistsAug 11, 2026
Creative Connecting: How to Sell Colored Gemstones to Gen ZDuvall O’Steen and Jen Cullen Williams share the best ways to display, present, and explain colored gemstones to younger customers.
Events & AwardsAug 11, 2026
NAJA Announces Lineup For 2026 Fall Virtual ConferenceThe mid-year conference for jewelry and watch appraisers will take place Sept. 5-6 on Zoom.
TechnologyAug 10, 2026
Colorado Jeweler Launches Customization Tool He Built HimselfHonest Hands Ring Co. Founder Benjamin Bosworth shared his thoughts on jewelry technology and why AI can never replace the human element.
MajorsAug 10, 2026
QVC Exits Chapter 11 Bankruptcy, Names New Interim CEOQVC Group President and CEO David Rawlinson is temporarily being replaced by a familiar face, former QVC CEO Mike George.
CollectionsAug 10, 2026
State Property Puts a Ripple in the ‘The Voyager’ CollectionThe brand also added two one-of-a-kind brown diamond pieces to the “Sanssouci” series of its “Gardens” collection.
MajorsAug 10, 2026
And IJO’s 2026 Vendor of the Year Is … Ostbye took home top vendor honors at the Independent Jewelers Organization’s show, held last month in Kentucky.
