Summary of A Look at the Blood Diamonds Helping Fund Russia’s Invasion of Ukraine
The video discusses how diamonds, traditionally a symbol of love, have been used to fund wars, particularly in Sierra Leone in the 1990s. The Kimberley Process was established to regulate the diamond trade and prevent conflict diamonds from entering the market. However, Russia's diamond exports, controlled by Alrosa, are allegedly funding the invasion of Ukraine. The United States has placed sanctions on Russian diamond companies, but their impact is limited. Antwerp, Belgium, a major diamond trading hub, and India, where diamonds are cut and polished, could also play a role in restricting Russian diamonds. Cutting off Russia's diamond supply could impact the global diamond industry, as Russia contributes one-third of the world's diamonds. The industry is already facing a 20% decrease in supply due to the pandemic. Despite potential financial losses, some believe that sending a strong message to Russia by embargoing diamonds is necessary in light of the ongoing conflict in Ukraine. The video concludes with information about the Responsible Jewelry Council, the author Ian Smiley, and upcoming episodes of Radio Health Journal.
Presenters/Contributors
- Ian Smiley
- Reed Pence
- Nancy Benson
- Kristen Farah
- Marty Peterson
- Gary Price
Notable Quotes
— 02:09 — « a billion dollar industry was born from a piece of carbon with the best PR team. »
— 06:34 — « but mostly its India so if you put your thumb on the choke points India and Antwerp, you could do a lot of serious damage to the Russian diamond export business. »
— 06:53 — « but you could do a lot of serious damage to the Russian diamond export business with a bit of pressure on two or three major choke points. »
— 09:05 — « I dont think anybody would want to cut their supply of anything thats coming from Russia, I mean unless theres a good reason for it. »
— 09:53 — « you would send a very strong message, both an economic message and a political message, and not just to Russia, but to everybody who thinks about diamonds. »
Category
News and Commentary