Alrosa, the Russian mining giant, has called for a unified diamond strategy between Russia and Africa, as the two regions account for over 90% of the global diamond mining market.Thank you for reading this post, don't forget to subscribe!
Pavel Marinychev, the head of Alrosa, emphasized the importance of developing a joint roadmap for sustainable business development in the gemstone industry.
He urged state-owned diamond companies in Russia and Africa to collaborate and establish common standards for responsible business, which should be mutually agreed upon and not imposed on either party.
During the Russia-Africa Summit in St. Petersburg, Marinychev highlighted the significance of dialogue between African diamond-producing countries and Russia to ensure a stable, predictable, and sustainable diamond market that serves their national interests.
Alrosa holds the position of the world’s largest diamond producer, accounting for 30% of the global trade in rough precious stones, amounting to around $80 billion annually.
Russia’s diamond trade has managed to avoid sanctions due to resistance from major importers like Belgium, which houses the world’s largest diamond trading hub in Antwerp.
Brussels has opposed the EU’s plans for an embargo on Russian diamonds, citing potential job losses. Nonetheless, the EU and G7 have been exploring ways to track and restrict the trade of Russian diamonds across borders, aiming to introduce a comprehensive tracking system in the future.