Alrosa PJSC, a major player in the global diamond mining industry, has announced a temporary halt in the sale of rough diamonds for September and October due to the current sluggish market conditions. Announced on Wednesday, the move is part of a broader strategy by the Russian state-controlled company to counteract declining demand trends in the diamond market.
The Group of Seven (G7) countries is expected to announce an import ban on Russian diamonds in the next 2-3 weeks, Belgian officials told reporters on Friday, in a bid to tighten a squeeze on Russia's capacity to finance the war in Ukraine. The plan could transform the global diamond supply chain, but implementation will depend heavily on India, whose diamond industry employs millions of people who cut and polish 90% of the world's diamonds.