DiamondBuzz
Wealthy Russians Surge in Investment-Grade Diamond Purchases Amid Market Uncertainty
Demand for polished diamonds up by 60% as individuals diversify portfolios with gemstones following VAT abolition and growing financial volatility.
Wealthy Russians are increasingly turning to investment-grade diamonds, with purchases of polished stones rising by 60% last year, according to VTB, the country’s second-largest bank. This surge in demand is attributed to the government’s decision to abolish VAT on diamond purchases, which has made gemstones a more attractive investment option.
Oksana Semenenko, vice president at VTB and head of its private banking division, explained that the rarity and uniqueness of diamonds make them especially appealing during times of rising financial market instability and tighter investment restrictions. Many affluent clients are now incorporating alternative investments, including diamonds, into their portfolios, typically allocating 5-10% of their assets to these tangible assets for diversification.
This shift comes amid increasing sanctions from the G7 and restrictions on Russian currency, which have impacted Russian diamond exports. In response, Alrosa, the state-run diamond mining giant, is turning to alternative markets to sell its goods. The company’s Diamond Exclusive program focuses on polishing its largest and highest-quality diamonds, particularly stones of 3 carats or more, to be sold directly to investors through partnerships with VTB and other financial institutions.
VBJ, Vummidi Bangaru Jewellers, one of South India’s most trusted heritage jewellery brands, partnered with IGNITION, the acclaimed thought leadership platform presented by the Shiv Nadar Foundation and curated by award-winning journalist Shoma Chaudhury. Held at ITC Grand Chola, Chennai, the event brought together distinguished voices from diplomacy, cinema and international affairs, while VBJ showcased its latest PARRO – Signature Collection, celebrating exceptional craftsmanship inspired by nature.
The evening featured compelling conversations with Dr. Abdul Majid Hakeem Ilahi, representative of Iran’s Supreme Leader, who shared perspectives on the evolving geopolitical landscape in West Asia; acclaimed actor Ali Fazal, who reflected on his artistic journey from Indian cinema to Hollywood; and former Foreign Secretary Vijay Gokhale, who discussed the changing global order and insights from his latest book, China’s Wars.
Adding an artistic dimension to the evening, VBJ unveiled a curated display of its PARRO – THE SIGNATURE PARROT COLLECTION, an exclusive line inspired by the grace, vibrancy and symbolism of the parrot. Combining intricate craftsmanship with contemporary design sensibilities, the collection reflects VBJ’s enduring commitment to transforming nature into timeless wearable art.
Speaking on the occasion, Amarendran Vummidi, Managing Partner, VBJ, said:
“IGNITION has established itself as a platform where influential voices come together to spark conversations that shape perspectives. At VBJ, we believe that meaningful ideas and enduring craftsmanship both have the power to inspire generations. Our continued association with IGNITION reflects our commitment to supporting platforms that celebrate excellence, dialogue and creativity.”
Jithendra Vummidi, Managing Partner, VBJ, added:
“The PARRO collection embodies our pursuit of artistry that is rooted in heritage yet resonates with contemporary lifestyles. Presenting it at IGNITION, a forum that celebrates ideas, innovation and culture, is a fitting way to showcase how timeless craftsmanship continues to evolve while staying true to its origins.”
As a fifth-generation family-run brand, VBJ takes immense pride in its legacy as the creator of the historic Sengol (sceptre) – a sacred symbol of India’s democratic journey. Rediscovered after 72 years through meticulous research by the VBJ team, the Sengol was reinstated beside the Speaker’s chair in India’s new Parliament building, Sansad Bhavan, by Hon’ble Prime Minister Narendra Modi, marking VBJ’s enduring bond with India’s cultural and national heritage. Continuing this legacy, VBJ is now set to unveil its largest jewellery showroom on Coimbatore’s 100ft Road.
Mia By Tanishq and Lakmé Join Hands To Celebrate Everyday Style and Self-Expression
MCX Gold, Silver Move North On June US Employment Report
IIJS Bharat Premiere 2026 Conducts Nepal Buyer Outreach
SIJE 2026 To Host 450+ Global Brands As Singapore Welcomes Back The World Diamond Congress After 38 Years
MCX Gold, Silver Move North On June US Employment Report
Mia By Tanishq and Lakmé Join Hands To Celebrate Everyday Style and Self-Expression
-
International News8 hours agoSIJE 2026 To Host 450+ Global Brands As Singapore Welcomes Back The World Diamond Congress After 38 Years
-
National News8 hours agoMCX Gold, Silver Move North On June US Employment Report
-
BrandBuzz6 hours agoMia By Tanishq and Lakmé Join Hands To Celebrate Everyday Style and Self-Expression
-
National News8 hours agoIIJS Bharat Premiere 2026 Conducts Nepal Buyer Outreach
JewelBuzz is Asia’s First Digital Jewellery Media & India’s No.1 B2B Jewellery Magazine, published by AM Media House. Since 2016, we’ve been the trusted source for jewellery news, market trends, trade insights, exhibitions, podcasts, and brand stories, connecting jewellers, retailers, and industry professionals worldwide.