De Beers separates ‘wheat from chaff’ as Russian diamonds sanctioned

Guns unsilenced: Russia’s invasion of Ukraine has set off turmoil in the global diamond industry due to sanctions against the former’s diamonds PIC: THEPRINT.IN
Guns unsilenced: Russia’s invasion of Ukraine has set off turmoil in the global diamond industry due to sanctions against the former’s diamonds PIC: THEPRINT.IN

The world’s second-largest producer of diamonds is tapping blockchain to distinguish its stones in the market, as the world increasingly shuns output from Russia, the world’s top producer. Staff Writer, MBONGENI MGUNI reports

In line with the rules of ‘commercial diplomacy’ De Beers has visibly been wary of commenting directly on the developments around its chief rival Alrosa, the part-Russian government-owned group hit by sanctions from the West due to the invasion of Ukraine.

Since a March 11 statement in which De Beers “encouraged retailers to engage with their suppliers to understand the origin of their diamonds,” the diamond giant has infrequently spoken explicitly on the impact of the Russian sanctions on the global diamond industry.

Editor's Comment
Tighten the law on drug dealers

Our youth are perishing; their once hopeful bright future is going down the drain; all because of illicit drugs.It is very easy to blame the addict, but it is not as simple as that! Drug dealing is a very lucrative business for some shameless people amongst our society and as such they have come up with tight strategies on how to push their business.Drug addiction is bad, and while the individual on drugs sometimes might have been the one who...

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