The 2008 economic crisis, COVID-19, and sanctions on Russian goods have set the stage for an interesting decade for natural diamond supply.
Jewelers of America's David Bonaparte and Jewelers Vigilance Committee's Tiffany Stevens discuss how to navigate the Russia-Ukraine crisis.
Strength in rough diamond sales continues, but the war in Ukraine and COVID lockdowns in China have companies on alert.
Iris Van der Veken has quit while Pandora and Richemont are leaving RJC, citing the council’s soft stance on Russian companies.
Foerster said she stepped down March 10, and the office will close by the end of April.
Penned by the Global Gold Transparency Initiative, it outlines steps the industry can take to ensure it’s not sourcing Russian gold.
Immediate Past President Anna Martin will step back into the role.
Anglo American is also donating $5 million for humanitarian relief in Ukraine, it said in a statement.
The company is also suspending its membership and halting financial support of the Natural Diamond Council.
Proceeds will be donated to the Ukrainian National Women’s League of America.
The longer Russia’s assault on Ukraine continues, the more complicated the situation becomes for the jewelry industry.
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.