Alrosa Quits RJC Board over Ukraine Crisis

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)