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How Russian Diamonds End Up on Your Finger, and Other News

December 28, 2023  |  Rapaport News
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This week’s roundup looks at 2024 jewelry trends, retro high jewelry and a financial scandal reportedly involving Surat jewelry firms. Also: an interactive explanation of the G7 bloc’s restrictions on Russian diamonds.

Russian origin

Using interactive, animated infographics, The Washington Post explains the origin of the world’s diamonds and how consumers’ money might be helping President Vladimir Putin’s regime finance the Ukraine war, with new restrictions on Russian diamonds by the Group of Seven (G7) nations set to begin on January 1.

Watch rings, bows, spiritual motifs, brooches, and Art Deco are among the trends that feature in Elle magazine’s jewelry forecast for 2024. The article also shares options in different price ranges.

Work dispute

More than 80 Surat diamond artisans who said they were fired from D Milan Diamond, a contractor for manufacturer Kiran Gems, reportedly staged a sit-in this week. However, Kiran claims the employees didn’t lose their jobs, but were being transferred to another unit, according to The Times of India.

Looking back on retro

Chanel, Boucheron and Stephen Webster are just a few of the luxury jewelers whose latest collections are a nod to the past. “Fashion is cool, so high jewelry should be too,” summed up Boucheron creative director Claire Choisne in this article in the Style section of South China Morning Post.

Surat scandal

India’s Directorate of Enforcement (ED) raided two jewelry companies in the Surat Special Economic Zone it suspects of involvement in a scam worth around INR 50 billion ($601 million). “This is not just a case of financial crime,” an ED official declared. “It’s a web of deceit and manipulation that has siphoned off billions of rupees from the country’s coffers.”

Main image designed by David Polak.


1280x720 Weekly Gems logo USED 041824 How Russian Diamonds End Up on Your Finger, and Other News

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