Open figure viewer
Significance
The ban will be extended by the end of the year to include diamonds polished in third countries, lab-grown diamonds, as well as jewellery and watches containing diamonds. The new restrictions are intended to disrupt Russia’s diamond exports worth over USD4bn and to reduce revenues that flow to the federal budget. State-owned Alrosa is the main target of the ban.
Impacts
The tightening of the sanctions regime discourages foreign investment in Russia’s top exporters.
Long and complicated diamond supply chains will make monitoring difficult and costly.
The exclusion of diamonds weighing less than 0.5 carats will partially mitigate the impact on Indian jewellers.
© Oxford Analytica 2024. All rights reserved. This content contains general information about geopolitical, macroeconomic and social developments or (where stated) other matters. It does not contain advice or recommendations that may be relied on. Where links to external websites are provided, this does not indicate that Oxford Analytica or Emerald agree with, endorse or have checked for accuracy the contents of said sites.
2024
You do not currently have access to this content.
