State-owned enterprises should develop common standards in the gem mining industry, says Alrosa head
Russia and Africa account for more than 90% of the global diamond mining market and should develop a common roadmap for sustainable business development, the head of Russian mining company Alrosa said.
Pavel Marinychev called on countries and producers to work together and create common approaches in the gemstone industry.
“State-owned diamond companies in Russia and Africa need to agree on an appropriate shared sustainability agenda and shared responsible business standards. Basic standards that are not imposed on us.” Marinychev said at the Russia-Africa summit held in St. Petersburg.
He spoke about the dialogue between the African diamond producing countries and Russia “To ensure a stable, predictable and sustainable diamond market that serves our national interests.
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EU seeks ways to curb Russian diamonds
Alrosa is the world’s largest diamond producer, accounting for 30% of the $80 billion annual global trade in rough gems.
Russia’s diamond trade has so far avoided sanctions due to opposition from major importers such as Belgium, home to the world’s largest diamond trading center in Antwerp. Brussels has repeatedly blocked EU embargo plans, warning the move could cost thousands of jobs.
However, the EU and the G7 have long been exploring ways to smuggle Russian diamonds across the border. “waterproof” control system that restricts their trade.
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