Industry News by Nemesis

ALROSA Continues to Fight Against Undisclosed Synthetics

July 3, 2019

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. 

Source: Rough&Polished

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