RapNet Bans Russian Diamonds from Its Platform
RapNet, a Rapaport Group Company and the world’s largest diamond and jewelry trading network, has banned Russian diamonds from its network, IDEX Online reports. RapNet has daily listings of 1.8 million diamonds valued at $8.7 billion.
In a press release, Rapaport said: “The ban applies to all diamonds sourced from Russia after February 24, 2022, and includes polished diamonds manufactured outside of Russia from Russian rough diamonds. The ban includes diamonds sourced from companies that are 50% or more owned by sanctioned entities […]”.
Martin Rapaport, Chairman of the Rapaport Group, said: “Sanctions on Russia are fundamentally changing the diamond supply chain. Buyers want assurances as to the source of their diamonds. Ethical considerations are transcending legal requirements as buyers reject Russian source diamonds cut outside of Russia. Financial sanctions have stopped imports of rough diamonds to the cutting centers and natural diamond shortages are likely before the holiday season.”