Russia sanctions send diamond prices soaring

THE price of diamonds has soared due to sanctions on Russia after its invasion of Ukraine, the Irish Mail on Sunday can reveal.

Jeweller Seamus Fahy, whose bespoke diamond company Voltaire is a go-to for celebrities, says that the past few months has seen the price of gems soar.

‘A massive proportion of diamonds are or were imported from Russia, so with the sanctions and a ban on Russian imports the price has risen by about 20 to 25%,’ said Mr Fahy, who has sold rings to the likes of Rosanna Davison and Pippa O’Connor.

He said the dominance of Russian diamonds resulted in the increase.

‘A Russian company called El Rosa is the world’s biggest exporter of diamonds. So, as they are unable to trade with other countries, this has led to an increase.’

He also said the euro-to-dollar value is affecting the value of the precious stone

‘The value of the euro to the dollar has fallen. Diamonds are priced in dollars, so that has also contributed to the increased costs.’

Mr Fahy said couples are still opting for that perfect piece of jewellery.

‘People are still buying a special diamond. But they just won’t get the same price as they would have four or five months ago.’