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31 Jul, 2023 09:00

Russia’s Alrosa calls for common diamond strategy with Africa

State companies should develop joint standards in the gemstone mining industry, the head of Alrosa says
Russia’s Alrosa calls for common diamond strategy with Africa

Russia and Africa account for more than 90% of the global diamond mining market and should develop a joint roadmap for sustainable business development, the head of Russian mining giant Alrosa has said.

Pavel Marinychev urged countries and producers to work together and establish common approaches in the gemstone industry.

“State-owned diamond companies in Russia and Africa should decide on an appropriate common sustainable development agenda and common standards in the field of responsible business. Standards that are basic, and not imposed on us,” Marinychev said during the Russia-Africa Summit in St. Petersburg.   

He said dialogue between African diamond-producing countries and Russia will “ensure a stable, predictable and sustainable diamond market that meets our national interests.”  

Alrosa is the world's largest diamond producer, accounting for 30% of the $80 billion-per-year global trade in rough precious stones.   

Russia’s diamond trade has so far avoided sanctions due to resistance from major importers such as Belgium, which is home to the world’s biggest diamond trading hub in Antwerp. Brussels has repeatedly blocked the EU’s embargo plans, warning that the move could cost thousands of jobs.   

However, the EU and G7 have long been looking into ways of hunting down Russian diamonds across borders, with plans to introduce a “watertight” tracking system that would restrict their trade.

For more stories on economy & finance visit RT's business section

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