News

Statement on the crisis in Ukraine

MARCH 8, 2022

The World Diamond Council is deeply concerned for the safety of those affected by the conflict in Ukraine and is carefully monitoring developments associated with the ongoing crisis. 

The situation remains complicated as well as dynamic, with changes likely to occur at any time, so it is not possible at this stage to make any meaningful predictions about the potential impact on the diamond sector.

To date, only the United States has imposed limited non-SDN sanctions on the diamond producing company ALROSA, restricting it from raising debt or equity through the U.S. financial system.

Separately, the U.S. enacted personal sanctions on the company’s CEO, Sergei Ivanov. These do not have any direct limitations on ALROSA’s business itself.

There are no sanctions imposed to date by the European Union, UK or any other government, neither on ALROSA nor on the global diamond trade, diamond companies or individuals associated with the diamond industry.

As an organization dedicated to the eradication of conflict and the pursuit of human rights and dignity, the World Diamond Council is dismayed by the loss of life, the injury to people and the displacement of innocent individuals and communities in the Ukraine and the region. We fervently hope that peace is restored as soon as possible.

The World Diamond Council will do all it can to provide support to members of the industry and requests that all members strictly follow all applicable sanctions issued in their relevant jurisdictions.