DiamondBuzz
Diamond sanctions “not feasible”: Russia deputy finance minister
The EU’s “softening of sanctions” was inevitable, according to Russia’s deputy finance minister Alexey Moiseev.He was speaking after the announcement last week that “grandfathered” goods – diamonds imported from Russia before the 1 January imposition of sanctions – would be allowed, and that the implementation of a traceability scheme had been postponed by six months to 1 March 2025.
“This is the next confirmation that what the Western countries propose is not feasible at this stage,” Moiseev said”As I said at the St. Petersburg [International Economic] Forum, this is the manifestation of a kind of a neocolonial policy of these countries, which infringes upon not merely Russia but also all the Western market players. I believe therefore this [softening of sanctions] was inevitable.”
Elsewhere in the Russian media, ABNews reports claims that EU countries have suffered a 25 per cent drop in diamond revenue so far this year, down from $3.59 bn to $2.69bn.
The World Federation of Diamond Bourses (WFDB) has committed a substantial budget in 2026 to promote natural diamonds globally, with a strategic focus on Millennials and Gen Z consumers. While the exact allocation remains undisclosed, the initiative builds on last year’s efforts, emphasizing digital and social media engagement. President Yoram Dvash highlighted early signs of recovery in the rough diamond market, including stabilizing prices and renewed demand in certain segments. The move reflects the industry’s intent to prepare for growth, strengthen consumer interest, and position natural diamonds for long-term expansion and relevance.
There are early signs of a reversal in the rough market following recent price corrections, demand has begun to strengthen, and, in some segments, premiums are again being observed. Industry also prepares for the opportunities that will follow: positioned for recovery, renewed demand, innovation and expansion into new markets
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