Alrosa Diamonds Evade EU Sanctions

Moscow: Diamantaires in Russia and beyond were relieved to learn that Alrosa was not on the list of firms that the European Union has decided to slap sanctions on, JCK Online reports. In recent weeks, some diamond industry players worried that the Russian state-owned firm would be hit by trade restrictions, but these fears did not materialize. The sanctions were levied in response to Russia’s perceived interference in the internal affairs of the Ukraine.

Alrosa is not completely in the clear, however, as sanctions were slapped on Russian banks, including one in particular that is linked to the firm. There remains a risk that Alrosa could find it difficult to make payments as a result, but Jewelers Vigilance Committee president and chief executive officer Cecilia Gardner dismissed the likelihood of this possibility.

Fallout from the sanctions has included the cancellation of some diamond tenders which had been scheduled to take place in New York City, JCK Online reports. Antwerp fears that if its own Alrosa tenders are cancelled, they would simply move to Dubai.