DiamondBuzz
JA, key industry persons met Washington officials on concerns about Russian sanctions
Jewelers of America (JA) and key industry figures met with lawmakers in Washington, DC, last week to express their concerns about plans for sanctions on Russian diamonds.
Jewelers of America (JA) and key industry figures met with lawmakers in Washington, DC, last week to express their concerns about plans for sanctions on Russian diamonds.
“JA has been working tirelessly behind the scenes, and this visit to Washington, DC, was a critical step to ensure we minimize unnecessary disruptions to the US diamond industry,” JA president and CEO David Bonaparte said in a statement Tuesday. “We are very concerned about the additional requirements that could take effect on September 1.”
These would include adopting a European Union proposal forcing all 0.50-carat and larger diamonds destined for Group of Seven (G7) markets to pass through a single import channel in Belgium, Bonaparte noted.
JA supports efforts to keep diamonds of Russian origin out of the supply chain, including the more stringent rules that went into effect on March 1, it said. These require importers to self-certify that diamonds of 1 carat or larger are not Russian, notwithstanding their having been manufactured in a third country.
However, mandating physical verification and certification in Belgium for all rough diamonds “would cause maximum damage to the global diamond and jewelry supply chain, while having minimal effect on Russia’s diamond revenues,” JA argued in the statement.
Joining Bonaparte on the visit were Jon Bridge, chairman and counsel emeritus at Ben Bridge Jeweler; Dave Meleski, president and CEO of Richline Group; Matthew Swibel, vice president for sustainability and social impact at Signet Jewelers; and Ronnie VanderLinden, immediate past president of the Diamond Manufacturers Importers Association of America (DMIA) and president of the International Diamond
DiamondBuzz
ALROSA Indicates Mir-Deep Project Could Commence As Early As Next Year
The Project Is Viewed As Strategically Significant Given The Historic Contribution Of The Mir Asset To ALROSA’s Production Portfolio
ALROSA has indicated that development activity at the proposed Mir-Deep project could commencece as early as next year, positioning the asset as the long-term successor to the original Mir Mine operation, which was permanently shut following the fatal 2017 flooding incident that resulted in eight casualties.
The company stated that it is prepared to accelerate execution of the construction phase of the Mir-Deep project—estimated in 2024 at an investment outlay exceeding US$1.5 billion—subject to favorable macroeconomic conditions and a reduction in borrowing costs. The development reflects ALROSA’s broader strategy to restore high-volume production capacity while optimizing capital deployment amid evolving financing conditions.
Mir-Deep is planned at the same site as the historic Mir mine in eastern Siberia and will involve the sinking of new shafts to access deeper diamond-bearing reserves located below the previous accident zone, within the same geological structure. The project is viewed as strategically significant given the historic contribution of the Mir asset to ALROSA’s production portfolio. Prior to its closure, the mine was producing approximately 3.8 million carats annually, representing nearly 10% of the company’s total output.
Originally commissioned in 1957 as the first diamond mine in the former USSR, the Mir operation remains one of Russia’s most iconic diamond assets. The 2017 flooding disaster resulted in extensive destruction of underground infrastructure, mining workings, and equipment, leading to the suspension of operations.
In an operational update issued on 28 April, Pavel Marinychev confirmed that preparatory activities initiated in 2023 had been completed and that Russia’s Main State Expert Review authority (Glavgosexpertiza) had approved the extraction of certain reserves within the project area.
Earlier resource assessments released in September 2023 estimated identified reserves at approximately 173.5 million carats. More recent evaluations by Russia’s State Commission on Reserves have reportedly increased the estimated resource base to nearly 200 million carats, further strengthening the project’s long-term economic potential and strategic relevance within the global diamond supply landscape.
ALROSA Indicates Mir-Deep Project Could Commence As Early As Next Year
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