• Skip to main content
  • Skip to header right navigation
  • Skip to site footer
cropped-rhj-header-logo-transparent-background-e1619110790271.png

Radio Health Journal

The latest in health, science, technology, and the intersection of medicine and public policy.

  • Home
  • Archive
    • Full Segment Archive
    • Advanced Search
    • Filters
    • Recent Segments
    • Segment Type
      • Feature Stories
      • Inside Looks
      • Medical Notes
    • Terms
      • Books & Publications
      • Guests
      • Institutions & Organizations
      • Medical Conditions
      • Medical Journals
      • Program Numbers
      • Topics Archive
  • How to Listen
    • Podcast & Other Digital Outlets
    • Terrestrial Broadcast
    • Ways to Listen Overview
  • About
    • About Radio Health Journal
    • Contact Us
    • FAQ
    • Our Team
  • Affiliates
    • Affiliate Login
    • Become an Affiliate
    • Benefits of Being an Affiliate
    • More About Syndicated Radio Programming
    • Public Affairs & FCC Requirements FAQ
    • Sample Programs

A Look at the Blood Diamonds Helping Fund Russia’s Invasion of Ukraine

You are here: Home / Archive / Feature Stories / A Look at the Blood Diamonds Helping Fund Russia’s Invasion of Ukraine
Published: March 20, 2022 by RHJ Producer

Russia produces one-third of the world’s rough diamonds, mainly from the Yakutia region of Siberia. The Russian government owns 33% of Alrosa, a publicly traded company that accounts for 90% of Russia’s diamond industry. Ian Smillie, an expert on conflict diamonds, joins us to discuss how an effective global embargo of Russian diamonds would send a strong economic message to its leaders.

Are diamonds funding Russia’s invasion of Ukraine?

Although much smaller than Russia’s oil exports, diamonds bring in about $3 billion per year for the country and Russian oligarchs are heavily invested in the industry. Because of the association between Alrosa and Russia’s government, the company is essentially helping fund Russia’s invasion of Ukraine.

The White House has put sanctions on 13 Russian companies, including Alrosa, saying that they can’t raise debt equity in the United States… [but] they don’t need to raise money in the United States right now.

— Ian Smillie

Even with President Biden’s recent announcement of additional bans on Russian products, including diamonds, seafood, and vodka, Smillie says they don’t make much of an impact on the diamond industry.

“The White House has put sanctions on 13 Russian companies, including Alrosa, saying that they can’t raise debt equity in the United States. Well, that’s not a big deal. I mean, they don’t need to raise money in the United States right now,” says Smillie.

The United States Treasury called the sanctions against Alrosa and its CEO severe and unprecedented. However, the World Diamond Council says the sanctions haven’t caused any issues for the business and U.S. companies are still legally able to buy and sell Russia’s diamonds.

Antwerp: Diamond capital of the world

According to Smillie, if you want sanctions to have a real impact on the Russian diamond industry, you need to start in Antwerp, Belgium.

Antwerp is globally recognized as the diamond capital of the world and has been a leader in the industry for more than 500 years, according to the Antwerp World Diamond Centre. They also report that diamonds account for 15% of all Belgian exports.

Smillie says 80% of the world’s diamonds are traded each year in Antwerp, so for a global embargo on Russia’s diamonds to work, Antwerp would need to restrict access to Alrosa.

Check out the segment on lab-grown diamonds from our sister show Viewpoints Radio.

“Alrosa has 21 contracts through 2024 with companies that buy rough diamonds and then pick them off to various places for cutting and polishing. So, if you were to cut out Alrosa’s access to Antwerp, that would be a start,” says Smillie.

Next, according to Smillie, you have to look at India. By value, 70% or more of the world’s diamonds are cut and polished in India, and Smillie says Alrosa could bypass Antwerp and go to India directly, so India also needs to take a stand against Russia’s diamonds.

Since India handles such a large volume of diamonds, Smillie says there’s really no other place that could support all of Russia’s gems. And because half of the world’s diamonds are sold in America, Smillie thinks that the U.S. could influence India into not accepting Russian diamonds.

Are diamonds actually valuable?

Diamonds were scarce until the mid 1800s when there was suddenly an inflow of the gems into the market, but De Beers managed to control the supply in order to keep up the illusion of a diamond’s rarity. The company created a demand by marketing diamonds as the ultimate sign of love and the only acceptable stone for an engagement ring. A billion dollar industry was born from a piece of carbon with the best PR team.

“You have to remember diamonds, gem quality diamonds don’t have any purpose except decoration… they’re for jewelry, they don’t have any other purpose at all. Industrial diamonds are very cheap. There would be no shortage of industrial diamonds, plenty of other sources.”

How would a global embargo impact diamond prices?

“An embargo on Russian diamonds would certainly drive up the price of gem quality diamonds. That would not be a bad thing for other countries that produce diamonds, particularly African countries,” says Smillie.

…diamonds are symbols of beauty and love and foreverness… For them to be coming from a country where the opposite is currently being practiced, just doesn’t seem to make any sense.

— Ian Smillie

A truly effective global embargo on Russian diamonds might increase the diamond prices, but it would also send a direct message to Vladimir Putin and the rest of the world, according to Smillie.

“I think if you were to embargo Russian diamonds, you would send a very strong… economic message and a political message. And not just to Russia, but to… everybody who thinks about diamonds, because diamonds are symbols of beauty and love and foreverness, and that sort of thing. For them to be coming from a country where the opposite is currently being practiced, just doesn’t seem to make any sense,” concludes Smillie.


Guest Information:

  • Ian Smillie, Conflict Diamonds Expert, International Development Consultant, author of Diamonds and Blood on the Stone

Links for more info:

  • Ian Smillie | OpenGlobalRights
  • Ian Smillie books and biography | Waterstones
  • Kimberley Process
Program #: 22-12Segment Type: Feature StoriesTopics: Business and Industry| Children and Youth at Risk| Consumerism| Consumerism and Consumer Safety/Protection| Economic Sanctions| Economics and Finance| Federal Government| Federal Government and Regulation| Global Politics| Human Rights| Manufacturing| Military, War and Veterans| Mining| Political Strategy| PoliticsPublications: Blood on the Stone| DiamondsInstitutions & Organizations: Alrosatagged with: author| diamonds| Jason Dickey| Kristen Farrah| Reed Pence| Russia| Ukraine
  • 73Share on Facebook
  • 67Share on Twitter
  • 52Share on Instagram
  • 38Share on LinkedIn
  • 70Share on Pinterest
  • 37Share on Reddit
  • 85Share on Email

Related Segments:

Dealing With Lifelong Disease

The Pros and Cons of Mobile Health Apps

The Pros and Cons of Mobile Health Apps

Taking Body Basics Seriously

Taking Body Basics Seriously

PANDAS:The Mysterious Childhood Disorder After a Strep Throat

PANDAS–The Mysterious Childhood Disorder After a Strep Throat (2019)

The Economics of Later School Start Times

The Economics of Later School Start Times

Rescuing Runaways

Rescuing Runaways

Previous Post:Why ASPD is Still a Mystery: The Disorder Formerly Known as Sociopathy
Next Post:Medical Notes: March 27, 2022

About RHJ Producer

Since 1992, Radio Health Journal has been bringing listeners useful, verifiable information they can trust and rely on in the fields of medicine, science & technology, research, and the intersection of health & public policy. Both Radio Health Journal and sister show Viewpoints Radio are AURN productions.

Reader Interactions

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Sidebar

Trending Topics

Public Health and Public Safety

Health Care

Research and Clinical Trials

News and Headlines

Mental Health

Behavioral Science

Family and Interpersonal Relationships

Covid-19 Pandemic

Technology

Nutrition and Diet


Covid-19 Pandemic

TikTok Tics: Can Social Media Cause Neurologic Disorders?

New Test Can Detect Both Covid-19 and the Flu

Is Covid-19 the New Flu?


Latest Headlines

Medical Notes: Inadequate Addiction Treatment, Genetic Eating Disorders, and the Song of Mosquitoes

Medical Notes: Toxic Breastmilk, New Covid Antibodies, and Cellular Tattoos

Medical Notes: Breastmilk Aids Motor Development, a New Relief for Rashes, and Exposing Myths About Hydration

Medical Notes: Red Meat Allergies, Misdiagnosing Antibiotics, and an Illness That’s Disguised As Picky Eating

Medical Notes: The Rise of Leprosy in America, Eliminating Child Labor, and a New Era of Robotic Prosthetics


Most Discussed

The Language of Addiction: Why words matter

ICU Inefficiency

ICU Inefficiency

Lewy Body Dementia


Check out our sister show Viewpoints Radio

  • Culture Crash: A Slow Calendar For Prime TV Season
  • Viewpoints Explained: China’s Deepening Economic Woes: What’s Fueling This Decline?
  • School, Sports, Standardized Tests: When Is There Time To Build Life Skills?
  • X (AKA Twitter) vs. Threads: The Story Behind Meta’s New Social Platform
  • Culture Crash: From Live Concerts To Film: The Dominance of Taylor Swift
  • Viewpoints Explained: America’s Struggling Cities
  • From Drug Trafficker To Informant: How Ex-Criminals Are Aiding Investigators
  • Why Does Everyone, Including Parents, Want To Be Influencers?
  • Culture Crash: A New Era For Post Malone

Archives

↑

Stay up-to-date on the latest trends in public health, science, tech, research & more.

Enter your email address to get notifications & instant access to new Radio Health Journal segments as they are released.

Name
Enter your email address
Become an affiliate

Start airing Radio Health Journal on your platform to satisfy FCC OPIF requirements, including quarterly issues/programming reports.

Become an Affiliate

Connect

Interact with us by sharing comments, favorite segments, questions or even suggest a topic.

  • Facebook link
  • Twitter link
  • Instagram link
  • Pinterest link
  • Spotify link
  • YouTube channel link
  • rss feed link
  • contactemail

American Urban Radio Networks (AURN) logo

Listen

Archive

Broadcast

Guests

Podcast & Digital Outlets

Recently Aired

Terms

Topics

Ways to Listen

Learn

About Us

Affiliates

Contact Info

FAQ

Our Team

Public Affairs & FCC Requirements

AURN.com

Sitemap

© Copyright 2023 – American Urban Radio Networks

↑ Return to top

Radio Health Journal Newsletter SignupStay up-to-date on the latest trends in public health, science, tech, research & more.

Subscribe to get the latest from Radio Health Journal directly in your inbox.

Name
[email protected]