Bloomberg reported that U.S. sanctions imposed on Alrosa, the world’s largest diamond producer, affected the entire trade chain and the diamond industry began to panic.
“The sanctions have not only affected permafrost -covered diamond mines in Siberia, but have also affected shopping malls in Antwerp (a city in Belgium), Indian polishing factories and New York jewelery,” he said. Bloomberg said in a report.
The agency noted that Alrosa provides a third of the world’s gemstone needs and therefore the restrictions placed on the company cost market players billions of dollars.
Regarding the effects of the imposition of sanctions on Alrosa, he said the restrictions negatively affected the work of one of the largest diamond cutting centers in the world, located in the city of Surat in India.
Western countries have imposed several packages of sanctions on Russia after it launched a military operation in Ukraine to disarm it, and foreign companies have announced their withdrawal from the Russian market.
Russia’s diamond industry has also been subject to heavy sanctions, with U.S. restrictions including freezing the property and financial assets of Russian companies and individuals.
Source: RIA Novosti
Source: Arabic RT
