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Following Russia’s intervention in the Ukraine, Alrosa has voluntarily stepped down as vice chair of the Responsible Jewellery Council (RJC), according to a statement released by the standards authority on Thursday.
According to the RJC, the diamond miner will also step down from the organization’s board of directors for a period of time. According to the statement, the decision was “communicated” to the board of directors during a meeting on Thursday. Alrosa refuses to provide any additional information.
“Like so many, we are deeply saddened by the geopolitical situation in connection with the Ukraine crisis,” stated David Bouffard, chair. “The RJC team will support our 1,500 international members with guidance to comply to all applicable sanctions, together with the RJC COP [Code of Practices] requirements on due diligence within their supply chains. The RJC will continue to closely monitor the situation in accordance with international regulations and update its members with guidance as it evolves.”
The move comes in the wake of Russia’s invasion of its neighbor, which occurred last week. In response to the incursion, the United States imposed penalties on a number of Russian businesses, including Alrosa and its CEO, Sergey Ivanov, among others. Despite the fact that the measures restrict loan and stock transactions with the company, they do not constitute an absolute prohibition on doing business with the world’s top crude producer by volume.
According to Jewelers of America (JA), its members should “take steps to avoid purchasing or selling diamonds, precious metals, and/or precious gemstones of Russian or Belorussian origin,” according to a statement released on Tuesday.
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