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France 24
France 24
Business
Yuka ROYER

Dimming dazzle: EU to phase in import ban on Russian diamonds

European Union Russia Yuka Royer FRANCE 24 Interest Rates
PEOPLE & PROFIT © FRANCE 24

2023 has been a tough year for the global diamond industry. After a boom during the pandemic, prices of the precious stone have dropped significantly amid oversupply, higher interest rates and increasing competition from lab-grown gems. And starting on New Year's Day, EU members will no longer be allowed to buy diamonds that come directly from Russia, unless the stones are intended for industrial purposes. FRANCE 24's Yuka Royer asks industry analyst Paul Zimnisky how much impact these sanctions could have.

Also on the programme:

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