EU and UK to ban imports of Russia's diamonds

Russian diamonds ban UK USA EU Moissanite diamond alternative Prices Holloway Jewellery

According to London (CNN), the European Union and the United Kingdom are poised to impose a ban on imports of Russia's diamonds which would cut off the world's biggest diamond producer from one of its key markets. This follows on from the United States ban in April 2022 on diamonds imported from Alrosa, a Russian state-owned mining company responsible for the majority of Russia's diamond mining. Russia is one of the world's largest producers of diamonds with Russian diamonds known for their high quality and are sought after in the global diamond market

An EU and UK ban of Russia's diamonds would affect Russia's finances as Russia's diamond exports generated around $4 billion in 2021 according to the UK government. Not only will this affect Russia's finances, it will also impact the jewellery trade and jewellery retailers in the UK and the EU by pushing the prices higher for businesses and consumers alike. 

If diamond prices increase, it can potentially have an impact on the price of moissanite, although the extent of the impact may vary. Moissanite is a lab-created gemstone that shares some similarities with diamonds in terms of its appearance and optical properties and is often chosen as an affordable diamond alternative, but it is not a natural diamond.

Since moissanite is not directly tied to the diamond market, its price is generally not influenced by fluctuations in diamond prices. However, the market dynamics and consumer preferences can still play a role.

If the price of diamonds significantly rises due to the ban on Russia's diamond imports in the USA, EU and the United Kingdom, some consumers who were considering purchasing diamonds may opt for more affordable alternatives like moissanite instead. This increased demand for moissanite could potentially lead to a slight price increase in moissanite jewellery, reflecting the changes in market demand. However, it's important to note that the overall price of moissanite is typically lower than that of diamonds, so any price changes may not be as significant.

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