Diamond major De Beers is encouraging retailers to “buy with confidence” by engaging with their suppliers to understand the origin of their diamonds, following an executive order by US President Joe Biden banning the importation of Russia-sourced diamonds into the US.
Biden made the move as part of a broad package of sanctions against Russia, its State entities and political backers as a result of Russian President Vladimir Putin’s decision to invade Ukraine in February.
Many nations have implemented a myriad of sanctions on Russian commodities and products, including oil and gas.
According to business data platform Statista, Russia had the largest diamond reserves anywhere in the world, with a reserve of 650-million carats in 2020. This was followed by Botswana with 310-million carats in its reserves, the Democratic Republic of Congo with 150-million carats and South Africa with 130-million carats.
De Beers points out that its diamonds are mined only in Botswana, Canada, Namibia and South Africa and that Russian diamonds are not part of the De Beers portfolio.
“De Beers Group is committed to working with sightholders to support the US’s demand needs and to provide the origin and impact of every diamond we discover and sell,”
the miner says in a statement.