As the Russia Ukraine crisis deepens and some kind of conflict looks inevitable one thing that springs to mind is the impact any sanctions could have on the Russian diamond industry and what this means for jewellers here in the UK.
Russia is the world’s largest diamond producer by volume and Alrosa, the countries mining giant is 33% owned by the Russian state. (Not to mention several shady individuals) The same Russian state currently invading Ukraine.
So that makes Russian diamonds conflict diamonds right?
Not according to retailer Taylor and Hart, who continue to list Russian diamonds on their site and claim that they are ‘ethically sourced’ despite also seeming to have a fairly tight definition of what constitutes a ‘conflict diamond’ .
So will brands like Taylor & Hart be able to continue selling Russian diamonds should an all-out war break out and will Russian diamonds be able to continue to be part of the global supply chain, overseen by the Kimberley Process.
The Kimberley process is supposed to stop so-called conflict diamonds from entering the global trade, though seeing as Russia chaired the process in 2021, it would seem unlikely this process will have much effect on stopping Russian diamonds.
International sanctions are nothing new to the jewellery industry with many of the sanctions currently aimed at figures in Myanmar specifically targeting companies in the industry.
Whether or not sanctions come in to halt Russian diamonds from entering the market, it’s not a good look for a company like Taylor & Hart who actively promote these stones as ‘ethically sourced’. Will they continue to fund the Russian regime as they wage an illegal war on the people of Ukraine?
