Ban of Russian origin rough diamond and its effects on world diamond supply chain
Effect of the ban on rough diamond supply chain
The G7 ban on Russian origin rough diamonds has had a significant impact on the world diamond supply chain. This ban was implemented in response to Russia's involvement in destabilizing activities globally. With the ban in place, countries that heavily relied on Russian rough diamonds for their diamond manufacturing and trading operations have been forced to find alternative sources. This has disrupted the supply chain and caused a shortage of rough diamonds in the market. As a result, diamond prices have increased, and some diamond manufacturers and traders have faced challenges in meeting customer demands. The ban has also led to a decline in diamond exports from Russia, impacting its economy. However, this ban has also created opportunities for other diamond-producing countries to fill the gap left by Russian rough diamonds. Countries like Botswana, South Africa, and Canada have seen an increase in their diamond exports as they become alternative sources for rough diamonds. In the long run, the G7 ban on Russian origin rough diamonds is expected to reshape the global diamond supply chain and encourage diversification in sourcing rough diamonds. It highlights the importance of sustainable and responsible diamond mining practices.
Gemstone MCQs Quiz Test Your Knowledge in Gemology Part 6 1. A 2-carat fine-quality...
No comments:
Post a Comment