Alrosa Co-organizes Session at Russia-Africa Economic Forum

24/10/2019 17:26

Russian diamond miner Alrosa served as a co-organizer of the ‘Russian-African Collaboration in the Diamond Industry’ panel session at the Russia-Africa Economic Forum business program in Sochi, the company announced today. Russia and African countries together account for about 75% of the global rough diamond production and are truly interested in the sustainable development of the global industry.

The participants outlined key challenges that the global diamond industry faces today and possible ways to solve crucial issues. They shared their vision on the diamond industry prospects and discussed the role of industry organizations in strengthening consumer confidence in diamonds and building global responsible supply chains for ethical rough diamonds from Africa.

ALROSA CEO Sergey Ivanov noted that the current crisis in the diamond market takes place against the background of drastically changing consumer opinions, as consumers today pay more attention not only to the diamond jewelry characteristics, but also to relevant responsible business practices. “We should focus on fundamental factors that lead to the evolution of the entire diamond industry,” said Sergey Ivanov. “Modern society imposes increasingly stringent requirements on us. Warranties of transparency and responsible sourcing and business practices, respect for human rights, minimizing the environmental impact, social and economic development of the regions of operations are important today as never before.” Iris Van der Veken, Executive Director of the Responsible Jewellery Council (RJC), moderated the session. "This is a great opportunity to unite and act, changing the situation for the better. Global partnerships are the way forward – to achieve peace, sustainable economic growth and development, and transform the lives of people.”

Following the discussion, the participants formulated a list of basic principles, observance of which will promote sustainable development of the global diamond industry. The list includes:

  • sharing best practices in the development of human resources and health and safety issues 
  • gradual reduction of the environmental footprint of diamond mining 
  • supporting the local community in the regions where they operate 
  • strengthening the regulatory mechanisms of international diamond trade 
  • ensuring complete and clear product disclosure and differentiation with lab-grown diamonds 
  • building of responsible supply chains 
  • promoting generic marketing for polished diamonds.

Practical application of these principles will be discussed at the future diamond related international events, including those to be held during the Russian Chairmanship in the Kimberley Process in 2020.