With Russia a leading producer, diamonds have seen their prices plummet since the start of the war in Ukraine. The industry, highly concentrated around a few major players, has been experimenting with synthetic stones and other gems, but is struggling to find a clear-cut solution. The real issue is traceability, which is currently impossible to implement.
The Ukrainian jewellery market is riding high on its position as an alternative to Russia's dominance in the sector, fast-tracking its access to global trading hubs. But the provenance of Ukraine's raw materials, especially diamonds, remains opaque.
Demand is raging for synthetic diamonds, with every luxury house leaping on the bandwagon. But the artificial stones industry fears that sanctions against Russia - one of the sector's leading producers - could disrupt its momentum.
In search of an alternative to Russian diamonds, whose trade the EU has been trying to sanction for a year, Antwerp, one of the world's three stone-trading centres, is trying to bring back Zimbabwean diamonds, which have long been under sanctions.
Unable to buy Russian diamonds due to US and EU sanctions, jewellery companies are looking for other options to help them play by the rules and polish up their reputations with clients.
Since Glitz.paris disclosed that De Beers sold Russian stones in the United States in 2022, the diamond giant has fiercely denied it - letting slip some revealing information in the process.
De Beers claims to source its diamonds only from Africa and Canada, but last year it sold stones of Russian origin in the United States. The firm also bought diamonds in 2022 from the Russian firm Alrosa via an Israeli company.
US diplomacy has been pushing to get the G7, which is about to meet in Japan, to discuss a sanctions plan on Russian diamonds. Whatever the outcome of these talks, one thing is certain: emeralds mined for Moscow will continue to be sold freely.
All the luxury groups, from Richemont to LVMH, have made traceability commitments for their coloured stone jewellery. But the realities of a market concentrated in a handful of countries make credible certification impossible. Glitz.paris looks into the situation in Madagascar, the epicentre of the sapphire business.
