Fish sticks and diamonds: How Russia's invasion of Ukraine is supercharging the push for supply-chain traceability as a major loophole reveals flaws in sanctions
Despite the Biden administration's ban on Russian seafood and diamonds, both products are still making their way into the US — legally.
The same goes for diamonds. Approximately 30% of the total volume of diamonds produced worldwide hail from Russian mines. Many of those rough diamonds end up in India, the world's top diamond manufacturer, where they are cut and polished. Once that transformation takes place, the diamonds are labeled as Indian instead of Russian.
and ban purchases of Russian-mined diamonds outright. This means thousands of vendors are now required to disclose where their diamonds are mined, or risk losing the business of the industry's two largest buyers. urging the Biden Administration to"reconsider" the country of origin loophole, arguing that its has generated"profit for the Russian government."held last week by the Subcommittee on Water, Oceans, and Wildlife.
"The diamond industry is on the slippery slope of legitimacy," Martin Rapaport, founder and chairman of The Rapaport Group, told Insider."The key issue here, what's underlying everything, is the need to identify your supply chain. That's what it's all about. Everything's pointing to the same direction.
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