News

Advanced Search

Alrosa Quits RJC Board over Ukraine Crisis

Mar 3, 2022 12:45 PM   By Rapaport News
Comment Comment Email Email Print Print Facebook Facebook Twitter Twitter Share Share


RAPAPORT... 
Alrosa has voluntarily stepped down as vice chair of the Responsible Jewellery Council (RJC) in light of Russia’s war in Ukraine, the standards authority announced Thursday.

The diamond miner will also leave the organization’s board of directors temporarily, the RJC noted. The decision was “communicated” to the board during a meeting on Thursday, it added. Alrosa declined to comment further.

“Like so many, we are deeply saddened by the geopolitical situation in connection with the Ukraine crisis,” said RJC chair David Bouffard. “The RJC team will support our 1,500 international members with guidance to comply to all applicable sanctions, together with the RJC COP [Code of Practices] requirements on due diligence within their supply chains. The RJC will continue to closely monitor the situation in accordance with international regulations and update its members with guidance as it evolves.”

The move follows Russia’s invasion of its neighbor last week. The US responded to the incursion with sanctions on a range of Russian entities, including Alrosa and its CEO, Sergey Ivanov. The measures restrict debt and equity transactions with the company but aren’t an outright ban on doing business with the world’s largest rough producer by volume.

However, on Tuesday, Jewelers of America (JA) advised its members to “take measures to stop buying or selling diamonds, precious metals and/or precious gemstones of Russian or Belorussian origin.”

See Rapaport’s resource page for more information about the sanctions.

Image: Rough diamonds. (Alrosa)
Tags: Alrosa, mining, Rapaport News, Responsible Jewellery Council, responsible sourcing, RJC, rough, Rough Diamonds, Russia, sustainability, Ukraine
Similar Articles
Comments: (0)  Add comment Add Comment
Arrange Comments Last to First
© Copyright 1978-2022 by Rapaport USA Inc. All rights reserved. Index®, RapNet®, Rapaport®, PriceGrid™, Diamonds.Net™, and JNS®; are registered TradeMarks.
While the information presented is from sources we believe reliable, we do not guarantee the accuracy or validity of any information presented by Rapaport or the views expressed by users of our internet service.