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.

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