The opaque nature of the diamond trade with its long and convoluted supply chain means that Russian stones are likely to end up in western markets
The sales present a problem for any attempts at a boycott: once stones enter the supply chain they can become near-impossible to track. Diamonds are sold in parcels of similar sizes and qualities — there are about 15,000 different categories — and can be retraded and remixed multiple times before ending up in an engagement ring or pendant.
As Russian supplies divide the diamond world, much of the tension is focused in the “midstream,” a vast network of mostly family-owned businesses that cut, polish and trade the world’s precious stones — many of them in India — and provide the link-up between mining companies and jewelry stores. Most of the Indian midstream is still avoiding Russian purchases because of the risk that they lose western customers as a result, according to people familiar with the matter.
For now, the vast majority of Russian stones are going through about 10 buyers. Indian companies Kiran Gems and Shree Ramkrishna Exports Pvt are the two largest buyers, according to people familiar with the matter.Photo by Maxim ShemetovKiran and SRK did not respond to emails and calls seeking comment. Spokespeople for Alrosa and De Beers declined to comment.
A diamond’s origin is clear at the start of the chain when it is issued a certificate under the Kimberley Process, which was designed to end the sale of “blood diamonds” that financed wars in the 1990s. Following the US sanctions, most European and Middle Eastern banks have withdrawn from funding purchases from Alrosa, which previously sold almost all its diamonds in US dollars. That leaves a few Indian banks that have become more comfortable in recent months with how to facilitate transactions in other currencies, primarily euros and rupees.Article content
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