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Russia supplies about a third of the world’s gems
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Sanctions against Russia, which prohibit the import of diamonds from the Russian Federation, have led to a panic in the jewelry market. This is reported by the American edition of Bloomberg.

“Russian mining giant Alrosa PJSC supplies about a third of the world’s gemstones. U.S. sanctions against the company are causing panic in the industry, ”writes Bloomberg.

The publication notes that companies from Tiffany & Co. before Signet Jewelers Ltd announced the suspension of the sale of diamonds from the Russian Federation, and the US is relying on India, which is the world’s largest exporter, in this situation. India is still exporting diamonds from Russia to the United States, because the country received its existing reserves before the anti-Russian sanctions. According to cutters, some clients refuse Russian diamonds because of a conflict situation.

These shipments will end by the first half of June, said Vipul Shah, vice chairman of the Indian Gem and Jewelery Export Promotion Council. “Diamonds are not oil, the shortage of which can be compensated by some other country. Our addiction is huge. Gems and jewelery is India’s third-largest source of export earnings, bringing in about $39 billion for the fiscal year ending March. According to him, the loss of access to Russian diamonds in the long term could devastate the industry. This will endanger thousands of jobs in India and hit the world’s major trading centers, Shah said.

The second largest supplier of diamonds in the world, De Beers, said that it is limited in the production of precious companies. The company has only working stocks, the mines are running at full capacity, so there is little chance of an increase in supplies.

In March, the US banned imports of Russian diamonds, seafood and vodka. America and other countries have imposed sanctions because of the special operation of the Russian Federation in Ukraine. The Russian authorities noted that the previous restrictions had a negative impact on Western countries as well.

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Sanctions against Russia, which prohibit the import of diamonds from the Russian Federation, led to a panic in the jewelry market. This is reported by the American edition of Bloomberg. “Russian mining giant Alrosa PJSC supplies about a third of the world’s gemstones. U.S. sanctions against the company are causing panic in the industry, ”writes Bloomberg. The publication notes that companies from Tiffany & Co. before Signet Jewelers Ltd announced the suspension of the sale of diamonds from the Russian Federation, and the US is relying on India, which is the world’s largest exporter, in this situation. India is still exporting diamonds from Russia to the United States, because the country received its existing reserves before the anti-Russian sanctions. According to cutters, some clients refuse Russian diamonds because of a conflict situation. These shipments will end by the first half of June, said Vipul Shah, vice chairman of the Indian Gem and Jewelery Export Promotion Council. “Diamonds are not oil, the shortage of which can be compensated by some other country. Our addiction is huge. Gems and jewelery is India’s third-largest source of export earnings, bringing in about $39 billion for the fiscal year ending March. According to him, the loss of access to Russian diamonds in the long term could devastate the industry. This will endanger thousands of jobs in India and hit the world’s major trading centers, Shah said. The second largest supplier of diamonds in the world, De Beers, said that it is limited in the production of precious companies. The company has only working stocks, the mines are running at full capacity, so there is little chance of an increase in supplies. In March, the US banned imports of Russian diamonds, seafood and vodka. America and other countries have imposed sanctions because of the special operation of the Russian Federation in Ukraine. The Russian authorities noted that the previous restrictions had a negative impact on Western countries as well.

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