America's Russian Diamonds Loophole Is Being Closed by Luxury Brands and Congress

America's Russian Diamonds Loophole Is Being Closed by Luxury Brands and Congress AOC Jewelry News

The United States is the world’s largest market for diamond jewelry, accounting for more than 50% of sales in the $84 billion global diamond jewelry industry. The ban on Russian diamonds being imported into America has been in place since the end of February, making it time to check in on its impact.

Specifically AOC’s investigation is a query into the possible impact of a ban on Russian diamonds on 1) diamond mining in other countries and the global supply of cut diamonds totally and 2) any impact on demand for lab-grown diamonds as an ethical alternative to Russian diamonds.

We assumed that the US diamond ban had teeth — that there was no way a ban would be put in place, knowing that it would be largely ineffective without further action. Wrong.