2024-06-06 21:22:53
From the start of 2024, there’s a full ban on the import of pure and artificial diamonds and diamond jewellery from Russia into the European Union. These are choices from the twelfth package deal of EU sanctions imposed on Russia due to the full-scale aggression towards Ukraine. Nonetheless, the partial European embargo on Russian diamonds processed in third international locations got here into impact on March 1, and the complete embargo will come into power on September 1, 2024.
Apparently, Russia has determined to actively use these “loopholes” to bypass Western sanctions, and Armenia acts as a channel by way of which Russian diamonds attain the world market. In the identical means, Russian gold, on which the embargo was additionally imposed, is actively exported earlier – in the summertime of 2022.
$4 billion price of gold
Reviews of the rising re-export of Russian valuable stones and gold started to appear within the Armenian media as early as the center of final 12 months. In line with official statistics, in 2023, Armenia exported gold price $1.8 billion and diamonds price $589 million, a file for the Armenian financial system.
Since November 2023, Russian gold has been re-exported in notably massive portions, and for the reason that starting of this 12 months, provides have continued to develop. Within the first quarter of 2024, the export of gold amounted to 2.5 billion {dollars}, and the export of polished diamonds – to 185 million {dollars}, writes Deutsche Welle.
The processing of those uncooked supplies in Armenia additionally elevated sharply – by an unprecedented 31%. As final 12 months, and from January to March this 12 months, the import of polished diamonds and gold to Armenia, primarily from Russia, has grown on the identical scale. In line with the calculations of Yerevan-based economist Suren Parsyan, since November final 12 months, Armenia has exported Russian gold price 4 billion {dollars}.
From Russia by way of Armenia to Dubai and Hong Kong
It is a signal that Armenia has truly grow to be a transit channel for the provision of Russian valuable stones and gold to world markets, specifically to Dubai and Hong Kong, different consultants notice. It’s to the United Arab Emirates (UAE) and China that the present uncommon development of exports from Armenia is noticed.
Economist Agassi Tavadyan talks a few well-built monetary scheme to make sure commerce in Russian valuable stones and gold. “In 2022, a big a part of the cash exported from Russia was transferred exactly to Armenia, and now these funds are used for funds between Russia and the UAE within the commerce of diamonds and gold by way of the Armenian channels,” he informed DV. it seems that the embargo on Russian gold exports and the virtually full ban on the export of valuable stones don’t stop exports from persevering with – by way of Armenia. The information for April haven’t but been printed, however in March, in accordance with official statistics, diamond exports on an enormous scale has continued.
Beforehand, Russian diamonds have been purchased by the Armenian state-owned firm I-Almast, which was established in 2021 primarily for wholesale purchases from the Russian firm Alrosa and for the additional sale of the dear stones. However with the introduction of EU sanctions, this channel needed to be closed. It’s apparent that now the mediators in Armenia have modified.
For a number of months now, “I-Almast” has not purchased tough diamonds from the Russian “Alrosa”, which till just lately equipped as much as 40% of the portions of valuable stones imported by the Armenian firm. “Now we import diamonds primarily from African international locations”, its govt confirmed to DV director Tigran Khachatryan. In line with him, negotiations are additionally underway with De Beers, the world’s largest firm for mining and buying and selling pure diamonds.
New re-export infrastructure
It’s evident that the place of the Armenian state-owned firm I-Almast has in the meantime been taken by different – most certainly non-public – enterprises, as re-exports proceed. The Armenian investigative publication Hetq names three main corporations that exported essentially the most diamonds from Armenia. One in all them is ADM DIAMONDS LLC, which has ties to the Armenian authorities, extra particularly to the massive businessman Khachatur Sukiasyan, a member of parliament from the ruling Civil Contract get together.
The opposite firm is VDA DIAMONDS LLC, registered in April 2022. Its proprietor is the Russian citizen Vithalbhaem Ramani, founding father of the diamond processing firm DDK. The third firm that exports massive shipments of minimize diamonds from Armenia is DIMEX CAPITAL, which has been working within the Armenian jewellery and minimize diamond marketplace for about ten years.