Buyers across the big trading centers in Antwerp and Dubai and manufacturing hubs in India have spent the past two weeks consulting lawyers to determine whaton Alrosa PJSC mean and how they can continue to buy, according to people familiar with the matter. In the meanwhile, diamonds have stopped flowing from Russian mines to Surat — the world’s diamond-cutting epicenter — because Indian banks are unable or unwilling to process payments.
Alrosa is effectively state controlled: the federal government owns 33% and another 25% is held by local authorities. Losing its supply over a longer period would be seismic for the diamond world — the company accounts for about a third of global supply of rough stones, about the same level as De Beers, which had a monopoly until the start of this century.
Yet as western governments levy sanctions on Russia and companies pull away from the country, many in India’s diamond industry still want to keep buying, according to people familiar with the matter. And while big-name U.S. jewelers Tiffany & Co. and Signet Jewelers Ltd. have said they will stop buying new diamonds mined in Russia, retailers in places like China, India and the Middle East have not followed suit.
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