There’s a handful of Indian and Belgian buyers who are snapping up large volumes of Russian diamonds at lucrative terms.
The secretive sale of Russian diamonds, worth hundreds of millions of dollars every month, is fracturing the global trade that stretches from cutting factories in Mumbai to luxury stores on New York’s Fifth Avenue.
The sales present a problem for any attempts at a boycott: once stones enter the supply chain they can become near-impossible to track. Diamonds are sold in parcels of similar sizes and qualities — there are about 15,000 different categories — and can be retraded and remixed multiple times before ending up in an engagement ring or pendant.
But it’s happening very quietly. Before the war, the company ran 10 sales a year out of its Antwerp, Belgium, sales office based on a set calendar, and published the results afterwards. Alrosa has now stopped publishing any information on its sales or financial performance. For now, the vast majority of Russian stones are going through about 10 buyers. Indian companies Kiran Gems and Shree Ramkrishna Exports Pvt are the two largest buyers, according to people familiar with the matter.
But after that, things can get murky. Parcels of gems are often intermingled at trading houses, and the original certificate will be replaced with “mixed origin” documentation, making it near-impossible to keep track of where Russian diamonds are eventually sold.
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