The panic that gripped the diamond world this year is starting to unwind as sanctioned Russian mining giant Alrosa PJSC has quietly revived exports to near pre-war levels.
Most of the Russian stones are heading to manufacturers in India—the biggest among a handful of industry hubs, where hundreds of mostly family-owned businesses cut and polish rough stones into the finished products, ready to be used in earrings and engagement rings. Alrosa has been selling diamonds to buyers in India and Europe, mostly in exchange for rupees, the people said.
For the diamond trade, there is a bigger reputational threat as well. If consumers want to avoid Russian diamonds they may simply stop buying altogether as the nature of the industry means it’s hard to keep track of any specific stone, with millions of interchangeable gems flowing between dozens of traders and manufacturers before eventually ending up in the display window of a jewelry store.
After the initial chaos in the wake of the US sanctions on Alrosa, the fresh flow of Russian gems is quickly easing tightness in the market.
Source: News Formal (newsformal.com)
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