The United States has sanctioned Russian brilliant diamonds, supplying about 30% of the world’s rough supply. On Friday, in an executive order the U.S. president banned the import of “non-industrial diamonds” and commodities such as vodka, caviar and other luxury goods.
Talking to reporters, Joe Biden said the United States and its allies increase economic pressures on Russia to isolate it in the global arena.
The sanctions by the U.S. put an end to trade relations with Alrosa, one third of which belongs to Russia. Alrosa mining company leads the world in diamond mining by volume, mined 32.4m carats last year.
This is while restrictions on Russia’s economy, following its invasion of Ukraine, have already made it hard to buy diamonds.
It has not yet been clarified if the ban impacts diamonds of Russian mines which are cut and polished out of the country.
Jewelers Vigilance Committee (JVC) has recommended its 600 members to instantly suspend direct purchases of the precious stone from Russia.