Russia is preparing for potential G7 sanctions targeting its diamonds, actively exploring alternative export markets, and challenging the established “monopoly” maintained by the Gemological Institute of America (GIA) on the international diamond standard, according to high-ranking Russian officials quoted by Rough & Polished.
Deputy Prime Minister and Head of the Ministry of Industry and Trade of the Russian Federation, Denis Manturov, is quoted as saying, “We… are not sitting still and are preparing new alternative markets for ourselves where it [diamond rough] will be supplied. And, of course, I’m considering the timing of adoption of every specific package [of measures]: by that time we will try to prepare for an alternative.”
In addition, Alexei Chekunkov, Head of the Ministry of Eastern Development, told RIA Novosti that Russia’s intent is to challenge the GIA’s monopoly on the international diamond standard by fostering closer ties with nations aligning with the values of Russian sovereignty.
“Attempts to limit sales of Russian diamonds are a common competitive struggle disguised as a geopolitical statement. Suffice to say that the only international standard so far by which the value and cost of each stone is determined belongs to the GIA,” he said. “We are going to break these monopolies.”
In related news, Russian diamond mining giant Alrosa achieved its production target by producing 34.6 million carats of diamonds, as reported by Pavel Marinychev, the CEO of the company, according to the government of the Yakutia Republic.
TASS quoted the authorities: “Despite the negative external background, the company completely fulfilled the diamond production plan at 34.6 million carats. This is only slightly lower than last year’s figure (35.6 million carats).”
