RapNet bans trade in polished diamonds from Russia

MOSCOW, May 11 (PRIME) -- The world’s largest marketplace for trade in polished diamonds RapNet has banned trade in polished diamonds from Russia on its network and forecast a supply crisis, Rapaport Group said in a statement on Wednesday.

The ban covers all diamonds produced in Russia after February 24, polished diamonds produced outside Russia from the raw diamonds produced in the country, and the diamonds supplied by the companies that are 50% or more owned by the sanctioned companies.

The company said that Russia accounts for 30% of the global diamond output.

The group’s chairman Martin Rapaport said that sanctions against Russia changed the diamond supply chain significantly – customers reject the diamonds produced in Russia and polished outside Russia due to ethical reasons, financial sanctions stopped imports of unpolished diamonds to the polishing centers. The lack of natural diamonds will emerge before the holiday season, he said.

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