Sadly, it is impossible to ignore the Russian Invasion and ongoing war in Ukraine. Whilst the Ukrainian military is defending the nation, the options for external military intervention are limited by the possibility of escalation throughout Europe. But the international community is not sitting idly by. The UK, The European Union, and The USA have imposed multiple rounds of economic sanctions on Russian in an attempt to isolate their Leader and cut off sources of funding by targeting the assets of his most wealthy supporters. The goal is to make the economic costs so high that Russia will have no choice but to cease the assault and remove their forces from Ukraine.
The latest round of sanctions targets the diamond trade, among other valuable assets. Russia produces an estimated 25-30% of the worlds rough gem diamonds. The new sanctions ban imports of Russian diamonds, ensuring that neither businesses or consumers contribute to Russia’s war through trade in diamonds. Although these sanctions are highly disruptive to our industry DiamondZee supports the action as a necessary tool to help bring about a peaceful future and an end to the war in Ukraine.
As a business we regret the necessity of the sanctions as they will cause difficulties for many
Businesses and communities throughout the industry. Taking such a huge percentage of rough gem diamonds out of the market please will result in higher costs for natural mined polished diamonds. However, despite the negative impacts we fully support the ban on Russian diamonds. Since the Invasion of Ukraine DiamondZee has not knowingly purchased any diamonds that have been sourced from Russia, nor will we do so until Russia complies with the international community and removes their troops from Ukraine.