SourcingFeb 15, 2022
Supply Constraints Impact Alrosa’s January Sales Policies & IssuesFeb 25, 2022
Alrosa Lands on US Sanctions List After Russia Invades Ukraine
The sanctions are not a total ban on doing business with Alrosa in the U.S., but they still will have an impact on the jewelry industry.
Washington, D.C.—The U.S. government has sanctioned diamond miner Alrosa as part of its efforts to punish Russia after its invasion of Ukraine Thursday.
The Department of the Treasury’s Office of Foreign Assets Control (OFAC) released an extended list of sanctions on Thursday, building on those imposed earlier this week to target the Russian financial system, including all its largest financial institutions and the ability of state-owned and private entities to make money.
Named on the list is Alrosa, the world’s biggest diamond producer by volume, mining 32.4 million carats in 2021 with sales topping $4 billion.
The diamond miner is listed under Directive 3 under E.O. 14024 from OFAC, which prohibits transactions and dealings by those in the United States in new debt of longer than 14 days or new equity of Russian state-owned entities.
In explaining its decision to sanction Alrosa, the U.S. Treasury said the company is responsible for 90 percent of Russia’s diamond mining capacity, which accounts for 28 percent globally.
The Russian government also holds a 33 percent stake in the company.
The sanctions are not an outright freeze on Alrosa’s assets, nor a complete ban on doing business with the company, the Jewelers Vigilance Committee explained.
They also do not apply to goods acquired from Alrosa or Alrosa USA before Feb. 24, 2022, though JVC recommends businesses hold on to records showing the date Russian-origin goods were acquired and pass along this information to customers if they ask.
What the sanctions do mean for the jewelry industry is that any open memo agreements with terms longer than 14 days should be amended to shorten the terms and/or closed, JVC said.
JVC also advises any U.S. business currently doing business with Alrosa or Alrosa USA should “evaluate the status of any transactions and work to ensure that their transactions do not violate the sanctions.”
The Treasury also launched new actions against influential Russians in President Vladimir Putin’s inner circle or in positions of power within Russia.
Among them is Alrosa CEO Sergey Ivanov Jr., added to the OFAC Specially-Designated Nationals list because he is the son of Sergey Ivanov Sr., a high-ranking Kremlin official who has been on OFAC’s Specially Designated Nationals list since 2014, and because he is a board member of Gazprombank, Russia’s third-largest financial institution and another sanctioned entity.
Related stories will be right here …
The Department of the Treasury’s Office of Foreign Assets Control (OFAC) released an extended list of sanctions on Thursday, building on those imposed earlier this week to target the Russian financial system, including all its largest financial institutions and the ability of state-owned and private entities to make money.
Named on the list is Alrosa, the world’s biggest diamond producer by volume, mining 32.4 million carats in 2021 with sales topping $4 billion.
The diamond miner is listed under Directive 3 under E.O. 14024 from OFAC, which prohibits transactions and dealings by those in the United States in new debt of longer than 14 days or new equity of Russian state-owned entities.
In explaining its decision to sanction Alrosa, the U.S. Treasury said the company is responsible for 90 percent of Russia’s diamond mining capacity, which accounts for 28 percent globally.
The Russian government also holds a 33 percent stake in the company.
The sanctions are not an outright freeze on Alrosa’s assets, nor a complete ban on doing business with the company, the Jewelers Vigilance Committee explained.
They also do not apply to goods acquired from Alrosa or Alrosa USA before Feb. 24, 2022, though JVC recommends businesses hold on to records showing the date Russian-origin goods were acquired and pass along this information to customers if they ask.
What the sanctions do mean for the jewelry industry is that any open memo agreements with terms longer than 14 days should be amended to shorten the terms and/or closed, JVC said.
JVC also advises any U.S. business currently doing business with Alrosa or Alrosa USA should “evaluate the status of any transactions and work to ensure that their transactions do not violate the sanctions.”
The Treasury also launched new actions against influential Russians in President Vladimir Putin’s inner circle or in positions of power within Russia.
Among them is Alrosa CEO Sergey Ivanov Jr., added to the OFAC Specially-Designated Nationals list because he is the son of Sergey Ivanov Sr., a high-ranking Kremlin official who has been on OFAC’s Specially Designated Nationals list since 2014, and because he is a board member of Gazprombank, Russia’s third-largest financial institution and another sanctioned entity.
While the sanctions on Ivanov don’t necessarily prohibit transactions with Alrosa, JVC Deputy General Counsel Sara Yood said non-blocked entities controlled or led by blocked persons are at risk for further sanctions, as per OFAC.
She added that U.S. businesses considering transacting with companies controlled or led by sanctioned individuals should be sure they’re not making any missteps, such as inadvertently signing a contract with the blocked person.
As of press time, Alrosa had yet to issue a statement on the sanctions.
Thursday’s sanctions build on those levied earlier this week, when OFAC announced sanctions on two Russian banks, the Corporation Bank for Development and Foreign Economic Affairs Vnesheconombank (VEB) and Promsvyazbank Public Joint Stock Company (PSB), as well as 42 of their subsidiaries.
OFAC also levied sanctions on five high-ranking officials in President Vladimir Putin’s government.
“Our actions, taken in coordination with partners and allies, will degrade Russia’s ability to project power and threaten the peace and stability of Europe,” Secretary of the Treasury Janet L. Yellen said when Thursday’s sanctions were announced.
“We are united in our efforts to hold Russia accountable for its further invasion of Ukraine while mitigating impacts to Americans and our partners. If necessary, we are prepared to impose further costs on Russia in response to its egregious actions.”
JVC will address the Russian sanctions at its first compliance briefing of 2022, scheduled for Friday from 11 a.m. to noon Eastern. (It is for JVC members only.)
Jewelers of America said: “We are concerned about the evolving crisis in Ukraine and we are evaluating the real-world impact of sanctions. We will be issuing guidance to members in the coming days.”
In light of the sanctions released earlier in the week, both JVC and JA are urging U.S. jewelry businesses to determine if any of their suppliers or customers are using bank accounts connected to the sanctioned financial entities and, if so, to stop doing business with those accounts.
The full list of entities and individuals sanctioned Thursday can be found here and those sanctioned earlier in the week can be found here.
OFAC’s updated Specially Designated Nationals list is also available to search.
Anyone with questions or a need to obtain authorization to wind down transactions under a general license should contact the OFAC hotline at 1-800-540-6322.
More on Policies & Issues
The Latest
AuctionsDec 12, 2025
13.54-Carat Paraíba Tourmaline Sets Records at Christie’sSet in a Tiffany & Co. necklace, it sold for $4.2 million, the highest price and price per carat paid for a Paraíba tourmaline at auction.
MajorsDec 12, 2025
David Webb Reveals Ice-Cold Holiday Window DisplayThe jeweler’s “Deep Freeze” display showcases its iconic jewelry designs frozen in a vintage icebox.
CollectionsDec 12, 2025
Piece of the Week: Oscar Heyman’s Sphene RingTake luxury gifting to new heights this holiday season with the jeweler’s showstopping 12-carat sphene ring.
Brought to you by
Impacting Tomorrow TodayHow Jewelers of America’s 20 Under 40 are leading to ensure a brighter future for the jewelry industry.
Events & AwardsDec 12, 2025
IGI Jewelry Design Contest Now Accepting SubmissionsThis year's theme is “Unveiling the Depths of the Ocean.”
Weekly QuizDec 11, 2025
This Week’s QuizTest your jewelry news knowledge by answering these questions.
TrendsDec 11, 2025
Pinterest 2026 Trend Report: Brooches, Bold Gold, Cool BlueIn its annual report, Pinterest noted an increase in searches for brooches, heirloom jewelry, and ‘80s luxury.
GradingDec 11, 2025
GIA to Offer Origin Determination for 3 More GemstonesStarting Jan. 1, customers can request the service for opal, peridot, and demantoid garnet.
Brought to you by
Roseco Releases New Full-Line CatalogRoseco’s 704-page catalog showcases new lab-grown diamonds, findings, tools & more—available in print or interactive digital editions.
IndependentsDec 11, 2025
Look Inside Day’s Jewelers’ Ninth StoreThe 111-year-old retailer celebrated the opening of its new location in Salem, New Hampshire, which is its third store in the state.
MajorsDec 11, 2025
Americas Gold Releases New Gold Chain CatalogThe new catalog features its most popular chains as well as new styles.
AuctionsDec 10, 2025
Francis Ford Coppola’s Watch Sells for $10.8MThe filmmaker’s personal F.P. Journe “FFC” prototype was the star of Phillips’ recent record-setting watch auction in New York.
WatchesDec 10, 2025
There’s A New Rolex Boutique in MiamiThe new location in the Design District pays homage to Miami’s Art Deco heritage and its connection to the ocean.
SurveysDec 10, 2025
Consumer Confidence Drops in November Inflations, tariffs, and politics—including the government shutdown—were among consumers’ top concerns last month.
SourcingDec 10, 2025
NAJA Announces Details for 2026 ‘Ace It’ Winter Conference“Longtime favorite” presenters, as well as first-time speakers, will lead talks and workshops at the annual event in Tucson next year.
Events & AwardsDec 10, 2025
MJSA Names 2025 Responsible Design Challenge WinnerSilas Smith of Meridian Metalworks won the challenge with his pendant that blends Australian and American landscapes.
AuctionsDec 09, 2025
‘Desert Rose’ Diamond Sells for $8.8M in Abu DhabiThe sale of the 31.68-carat, sunset-hued stone was part of Sotheby’s first series of events and auctions in Abu Dhabi.
ColumnistsDec 09, 2025
Holiday Sales Happen in December, Most Decisions Don’tMost customers who walk into your store this month have made up their minds. Your job is to validate their choice, Emmanuel Raheb writes.
TrendsDec 09, 2025
‘Once Upon a Time,’ Guzema Debuted Its Holiday CollectionThe collection features characters and motifs from Ukrainian folklore, including an enchanted mirror and a magic egg.
TechnologyDec 09, 2025
Gemvision Releases Updated MatrixGoldMatrixGold 3.11, the newest version of the jewelry design program, offers more flexibility, precision, and creative control.
Events & AwardsDec 09, 2025
MJSA Showcase Pavilion Returning to JA New York The pavilion will be part of the 2026 JA New York Spring show, scheduled for March 15 to 17.
MajorsDec 08, 2025
Juell Kadet, a ‘Lifelong Pillar’ of Rogers & Hollands, Dies at 96Kadet, a 1994 National Jeweler Retailer Hall of Fame inductee, helped grow the family-owned retailer in the Chicago area and beyond.
TechnologyDec 08, 2025
You’ve Heard of Smart Watches and Rings; Meet Smart EarringsBilled as the world’s smallest wearable, Lumia Health’s new smart earrings have a health tracker subtly embedded in the back.
TrendsDec 08, 2025
Amanda’s Style File: Celebrating December’s BirthstonesDon’t let those with December birthdays feel blue. Help them celebrate their month with blue zircon, turquoise, and tanzanite.
CollectionsDec 05, 2025
Piece of the Week: Robinson Pelham’s ‘Tsar Star’ EarringsThe new pink sapphire version of the piece dances with its wearer in the brand’s “Icons After Dark” holiday campaign.
TrendsDec 05, 2025
Pantone’s Color of the Year for 2026 Is … WhiteA choice that’s generated a lot of commentary, Pantone says “Cloud Dancer” marks a fresh start and encourages relaxation and creativity.
MajorsDec 05, 2025
Stuller Releases ‘Wrapped in Wonder’ CampaignThe manufacturer’s holiday campaign features a gift guide filled with trending designs and jewelry that can be personalized.
CrimeDec 04, 2025
Man Arrested After Allegedly Swallowing Fabergé Egg PendantThe man was charged with theft, accused of ingesting the necklace while in a jewelry store in Auckland, New Zealand.
