Russian diamond miner Alrosa has temporarily halted the supply of rough diamonds for both September and October in response to a request from India’s leading trade body, the Gems and Jewellery Export Promotion Council (GJEPC), Mining Weekly reports.
Speaking to Reuters, GJEPC chair Vipul Shah said that the aim was to prevent an oversupply in the global diamond market and stabilize diamond prices, given the current weak demand. Shah revealed that earlier this month, GJEPC had raised concerns with various global mining companies regarding issues impacting the diamond trade.
Shah also mentioned that GJEPC had engaged with De Beers, which had committed to offering “complete flexibility to all their clients.”
This development comes as the Group of Seven (G7) countries is expected to announce an import ban on Russian diamonds within the next two to three weeks, aiming to further constrain Russia’s ability to finance the war in Ukraine. The potential implementation of this ban could reshape the global diamond supply chain, with India – responsible for cutting and polishing 90% of the world’s diamonds – playing a crucial role.
Alrosa’s decision to suspend rough diamond sales has been embraced by the GJEPC ( as a valuable step in addressing overstocking, according to IDEX Online.
