Ahead of the 2024 Kimberley Process Plenary Meeting, Russian Deputy Finance Minister Alexey Moiseyev emphasized that the global diamond industry is experiencing one of its toughest challenges yet, according to Rough&Polished. Moiseyev described the current downturn as a prolonged crisis, marking one of the most testing periods for the sector in recent decades.
While he noted slight signs of stabilization, Moiseyev believes overcoming the industry’s challenges will require a coordinated, large-scale marketing push focused on natural diamonds. Such an approach, he suggested, could be key to restoring market demand and consumer interest.
Moiseyev also expressed apprehension about the impact of sanctions on Russian diamonds, warning that restrictions imposed by G7 countries on rough and polished diamonds may unravel established supply networks and undermine decades of industry marketing efforts. These restrictions, he stated, not only threaten the established business model but also introduce costly traceability requirements that could disrupt the diamond pipeline at every level.
He further cautioned against replacing the Kimberley Process with alternative regulatory mechanisms that could be burdensome and unrealistic for producers, arguing that such changes risk pushing diamond mining and trade into a “grey zone.”
