Rapaport Press Release: World’s Largest Diamond Trading Network Bans Russian-Sourced Diamonds

LAS VEGAS–(BUSINESS WIRE)–RapNet, the world’s largest diamond trading network with daily listings of 1.8 million diamonds valued at $8.7 billion, has banned Russian diamonds from its network. The ban applies to all diamonds sourced from Russia after February 24, 2022 and includes polished diamonds made outside Russia from Russian rough diamonds. The ban includes diamonds from companies that are 50% or more owned by sanctioned entities. Russia provides around 30% of the world’s rough diamonds.

Recent US sanctions against Alrosa are forcing the global diamond industry to legitimize the diamond supply chain. In a recent article titled “What should we do about blood diamondspublished by Rapaport, the owner of RapNet, serious human rights abuses in Africa have been detailed. Suppliers are under increasing pressure to identify the source of their diamonds.

“The sanctions against Russia are fundamentally changing the diamond supply chain. Buyers want assurances as to the source of their diamonds. Ethical considerations transcend legal requirements as buyers reject Russian-sourced diamonds cut outside of Russia. Financial sanctions have halted imports of rough diamonds to cutting centers and shortages of natural diamonds are likely ahead of the holiday season,” said Martin Rapaport, Chairman of Rapaport Group.

About the Rapaport Group: The Rapaport Group is an international network of companies providing value-added services that support the development of ethical, transparent, competitive and efficient diamond and jewelery markets. Created in 1976, the group has more than 20,000 customers in more than 121 countries. The group’s activities include Rapaport Information Services, which provides Rapaport’s benchmark diamond price list, as well as research, analysis and news; RapNet, the world’s largest diamond trading network; and Rapaport Trading and Auction Services, the world’s largest diamond recycler. Additional information is available at rapaport.com.

Sarah C. Figueiredo