Immediate Ban on Russian Diamonds
As horrific events unfold in Ukraine, Queensmith has taken the decision (with immediate effect) to cease the sale and marketing of diamonds knowingly mined, distributed and marked by the Russian Federation-backed conglomerate Alrosa.
Inevitably, profits made through the sales of rough diamonds mined by Alrosa (of which the Russian Federation have 33% ownership) will indirectly fund Russia’s aggressive invasion of Ukraine. We therefore have a moral obligation to immediately embargo diamonds originating from the region.
Put plainly, we believe diamonds should be a force for good. And whether directly or indirectly, we have a zero-tolerance policy on conflict diamonds, otherwise known as 'blood diamonds'.
We are urging our diamond cutters, suppliers, distributors and other jewellery brands around the world to follow suit and immediately suspend the purchase, process, distribution, marketing and sale of diamonds mined by Alrosa in Western Yakutia and Arkhangelsk.
At Queensmith, we know our clients want to feel confident about the diamonds they purchase, knowing that they have been a source for positive economic and social development in the countries, regions and communities where they were discovered and recovered. This step, along with emerging initiatives like De Beer's Code of Origin and the expanding lab diamond market, will provide Queensmith clients greater confidence in buying a ring to be proud of.
In direct response to the Ukrainian crisis, Queensmith is accelerating the launch of new partnerships, providing access to the latest in blockchain technology that will trace a diamond to its origin, guaranteeing the diamond has been sourced ethically in Botswana, Namibia, Canada or South Africa.
Simultaneously, we will also be increasing our holding of lab grown diamonds. Chemically and optically identical to their natural counterparts but created through science, we can assure the ethical origins of lab diamonds.
As ever, it is our responsibility to contribute to a more ethical and transparent jewellery industry (you can learn more about our ethical sourcing policy here). Making this immediate change is one step in doing so, and once again we urge all our friends, partners and competitors within the industry to do the same.
Group Managing Director