{"id":7738,"date":"2023-10-31T19:35:49","date_gmt":"2023-10-31T19:35:49","guid":{"rendered":"https:\/\/zoominfinancial.com\/markets\/commodities\/g7-plan-to-ban-russian-diamonds-to-further-dim-industry-sparkle\/"},"modified":"2023-10-31T19:35:49","modified_gmt":"2023-10-31T19:35:49","slug":"g7-plan-to-ban-russian-diamonds-to-further-dim-industry-sparkle","status":"publish","type":"post","link":"https:\/\/zoominfinancial.com\/?p=7738","title":{"rendered":"G7 plan to ban Russian diamonds to further dim industry sparkle"},"content":{"rendered":"
\n

By Polina Devitt, Clara Denina and Mimosa Spencer<\/p>\n

LONDON\/PARIS (Reuters) – The global diamond sector is scrambling to get ahead of an upcoming G7 ban on Russian gems, with consumers and producers battling to manage ever more complex supply chains against a backdrop of sluggish demand.<\/p>\n

With direct sales of Russian gems already crushed by U.S. sanctions on Russia’s state diamond miner Alrosa, the G7 is now in the process of thrashing out details of a further ban on indirect sales in its member countries, expected by end-October. <\/p>\n

But even before it is in force, producers say Western customers have been shunning gemstones from Russia, the world’s biggest producer of rough diamonds by volume with 30% of the market. <\/p>\n

Tiffany, part of French luxury group LVMH, said in March last year it had stopped sourcing rough diamonds from Russia.<\/p>\n

Labels of Swiss-based luxury group Richemont, including Van Cleef & Arpels, went further, sending executives to visit suppliers in India and hiring an external auditor to look at gemstone flow in the supply chain.<\/p>\n

The proposed G7 ban now risks further complicating supply chains, at a point when demand is already under heavy pressure.<\/p>\n

With various proposals under consideration, the industry is currently debating how a diamond’s country of origin should be checked, where it should be done, and what sizes of stones, rough or polished, should be part of the rule.<\/p>\n

“It’s all about the breadth and interconnection intricacies of the supply chain that makes this technically difficult,” diamond analyst Paul Zimnisky said. <\/p>\n

“The diamond trade spans many countries, with many different cultures, religions and levels of economic development.” <\/p>\n

Demand for diamond jewellery is already suffering in the U.S., home to 55% of global demand, due to high interest rates, a muted post-pandemic recovery in China, and competition from lab-grown diamonds. <\/p>\n

India – cutter and polisher of 90% of the world’s rough diamonds – last month asked global miners to stop selling it rough gems for two months to manage accumulated stocks. That means stocks at diamond miners will grow. <\/p>\n

“At some point these stocks will have to come onto the market,” Richard Chetwode, a diamond industry consultant said.<\/p>\n

De Beers, the world’s largest rough diamond producer by value, said in a recent report that while global diamond jewellery demand would hold above pre-pandemic levels in 2023, the economic landscape was difficult. <\/p>\n

“Elevated inflation and higher interest rates continue to affect consumer confidence and discretionary spending in some of the major diamond consuming countries, including the U.S. and Europe,” it said.<\/p>\n

According to Richard Chetwode, “retail in China has been hit badly, and the U.S. retailers are already stocked to the gills ahead of the Christmas season”.<\/p>\n

“There are literally no buyers” of rough diamonds now, he said. <\/p>\n<\/div>\n

Read the full article here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

By Polina Devitt, Clara Denina and Mimosa Spencer LONDON\/PARIS (Reuters) – The global diamond sector is scrambling to get ahead of an…<\/p>\n","protected":false},"author":1,"featured_media":1276,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[26],"tags":[],"class_list":{"0":"post-7738","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-commodities"},"yoast_head":"\nG7 plan to ban Russian diamonds to further dim industry sparkle | ZoomInFinancial<\/title>\n<meta name=\"description\" content=\"By Polina Devitt, Clara Denina and Mimosa Spencer LONDON\/PARIS (Reuters) - The global diamond sector is scrambling to get ahead of an upcoming G7 ban on\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/zoominfinancial.com\/?p=7738\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"G7 plan to ban Russian diamonds to further dim industry sparkle | ZoomInFinancial\" \/>\n<meta property=\"og:description\" content=\"By Polina Devitt, Clara Denina and Mimosa Spencer LONDON\/PARIS (Reuters) - 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