Alrosa, Russia’s Mining Giant, Advocates Joint Diamond Strategy with Africa

Date:

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.

Editorial Staff
Editorial Staffhttps://www.naija247news.com/
Naija247news is an investigative news platform that tracks news on Nigerian Economy, Business, Politics, Financial and Africa and Global Economy.

Share post:

Subscribe

Popular

More like this
Related

Obasanjo: Over 80% Of Nigeria’s Crude Oil Is Stolen

Feb 25,2024. Former President Olusegun Obasanjo stated that one of...

Nigerian Government Urges Social Media Content Creators Registration to Avoid Penalties

The Registrar General of the Corporate Affairs Commission (CAC),...

Bodija Explosion: Why there is delay in extraditing indicted Malians – Makinde

Oyo State Governor, Seyi Makinde, has cited diplomatic challenges...

“Don’t Abandon Akeredolu’s Projects in Owo/Ose Federal Constituency, APC Elders tell Governor Aiyedatiwa

Elders from the All Progressives Congress in Owo/Ose federal...
WP to LinkedIn Auto Publish Powered By : XYZScripts.com