The secretive sale of Russian diamonds, worth hundreds of millions of dollars every month, is fracturing the global trade that stretches from cutting factories in Mumbai to luxury stores on New York’s Fifth Avenue.
Many in the industry refuse to deal in Russian gems following the invasion of Ukraine and after mining giant Alrosa was hit with U.S. sanctions. But there’s a handful of Indian and Belgian buyers who are snapping up large volumes at lucrative terms, getting to pick and choose the diamonds they need while others stay away.
The deals are happening quietly, even for the famously secretive diamond world.