Russian diamonds reach EU and US via Armenia

Diamonds mined by Russia’s Alrosa continue to enter European and US markets despite sanctions by the G7 and the EU, an investigation by European journalists has found.

The probe revealed that First Diamond Company (FDC), established in 2022, exported stones worth nearly $300 million to Armenia between January 2023 and March 2024. Once cut and polished by Armenian firms ADM Diamonds and Fancy Jewelry, the gems were re-exported as non-Russian and sold to Western buyers.

Key partners include Imperial Diamond, linked to India’s KGK Group, as well as Gloria Gems Trading and Mohit Diamonds. Reporters also named two other Alrosa-affiliated entities — Trading Horizons and Diamond Trading House — as part of the sanctions-bypassing network.

N.Tebrizli