Does the Diamond you are buying help finance Russia’s war against Ukraine?
Russia has been raging war in Ukraine for half a year from the time of this posting. And they are using their diamond production to fund the war. Russian diamonds end up in jewellery stores all over the world. This begs the question: Do the diamonds you are buying help finance Russia’s war against Ukraine?
Let’s find out!
Today we are deep diving into the role of the diamond industry in Russia’s war.
Around a third of the diamonds on the market are of Russian origin. Russia is the world’s largest producer of natural diamonds in terms of volume.
Most western countries have set up trade embargoes and other economic sanctions against Russia. But not all of them. Countries that haven’t included trading countries in the diamond industry like India and the United Arab Emirates. These countries continue to purchase diamonds from Russia without any restrictions. Even in the EU, most notably Belgium, which hosts the diamond hub Antwerp, continues to purchase diamonds from Russia. That is because Belgium is worried that if they stop importing Russian diamonds, it would hurt their diamond industry more than it would hurt Russia.
All of this is still legal and possible, because the Kimberly process, a certification scheme set up to stop the flow of blood diamonds considers Russian diamonds to be conflict-free. The Kimberly process uses a very narrow terminology of conflict diamonds, namely diamonds used to fund rebel groups. And since Russia is a legitimate government, it doesn’t quite fit the definition.
Over 90% of the world’s diamonds are cut and polished in India. Most of them are in Surat, a city north of Mumbai. When India imports rough diamonds, it is considered of Russian origin. But after it is polished, India is allowed to export diamonds as Indian goods because cutting means the stones have undergone a “significant transformation”. This is also the case for diamonds cut in Belgium.
So, while Russia cannot export diamonds directly to the UK or the US, these diamonds find their way all over the world via India and Belgium.
Even if these jewellers refuse diamonds of Russian origin, it is so easy for a diamond dealer to mix Russian diamonds into their parcels.
The revenue from selling these diamonds ends up with the Russian state. As well as the select few oligarchs in Putin’s inner circle.
We at Vosali believe that the majority of people wearing diamond jewellery do not want their jewellery to be linked to the killing of Ukrainian citizens. And that includes you!
The good news is, there’s a way which will not only save you money but is 100% guaranteed conflict free and you won’t have to compromise on style! Simply switch the diamond for a sparkling Vosali Moissanite.
Click here to find out more about moissanite