ALROSA decided to assign identification numbers to its diamonds to combat the illegal sale of synthetic diamonds, the damage from which amounts to $ 450-480 million annually, RBC reports.
The agency quoted the Director of the United Selling Organization ALROSA, Evgeny Agureev, who said that the market volume of synthetic stones amounts to 2-4 million carats, 80% of which are sold like natural. It causes damage to the global industry of 3% of the total turnover, the report says.
“Globally, this is big money, considering the size of the diamond market which stands at $15–16 billion,” Evgeny Agureev was quoted as saying.
To combat illegal diamond selling, ALROSA launched a digital platform that will serve as a kind of diamond database. Each stone will be assigned a passport with the date and place of recovery, data on color and purity.
The company adopted such a measure in order to protect its customers from the acquisition of undisclosed synthetics.