Lubrasan Studio calls for Russian diamond boycott

Lebrusan Studio has called on the jewellery industry to join in taking an active stance against Russian conflict diamonds.

The global diamond industry is worth tens of billions of dollars, and Russia – the world’s leading diamond producer – accounts for around 30% of that market.

The majority of Russian diamonds come from Alrosa, the industry’s largest diamond mining company. A third of Alrosa’s shareholding is directly owned by the Russian state, whilst another third is owned by regional governments. Russian diamonds generate roughly $5.2bn (£4.3m) in revenue for the national government of Russia per year.

Lebrusan said it believes that the US should “revisit its sanction on Russian diamonds, halting the flow of Russian diamonds altogether and ensuring that the Russian government bears the brunt of this blockade”.

It has also urged the UK government to “consider following suit, diminishing the opportunities for British jewellers and consumers alike to contribute – whether knowingly or unknowingly – to the conflict in Ukraine”.

The jeweller also called on jewellers to take a greater look at their own supply chains.

It said: “We also impel jewellers to start thinking more carefully than ever before about the supply chains behind the metals and gemstones that they source. In the context of newly mined materials, this means demanding a full picture; from the mine of origin all the way through the production and trading processes to the finished product.

“There is no excuse for grey areas; written assurances of origin from trusted certification systems like Canadamark make it easy to trace large sections of these journeys. Traceability is a tool crucial to any consumer or manufacturer who wishes to make informed and compassionate decisions.”

It added: “Right now, we’re presented with an opportunity to unite as an industry and make a significant difference to the way the world works. The more consistently we ask questions about our supply chains, the more we will see traceability and sustainability embraced as the standard, and the easier it will become for all parties involved to create the necessary changes, ultimately establishing a solid blockchain against conflict materials.”

source https://www.jewelleryfocus.co.uk/204444-lubrasan-studio-calls-for-russian-diamond-boycott