Diamonds Aren’t Forever: GIA Suspends All Transactions With Russia
Diamond authority and gemological lab GIA announced that it will be stopping all transactions and laboratory submissions from Russia.
In a post, the Gemological Institute of America (GIA) writes, “Our hearts are with the brave people of Ukraine. We are moved by their courage and hope for the safety of everyone—those who have been forced to flee their homes and those who stayed behind to defend their country. We join others around the world in calling for peace.”
Amid a worldwide exodus of many major companies in Russia, the gemological lab followed suit. In a statement made through their Instagram post, GIA declared that they have stopped all transactions and laboratory submissions from Russian companies, banks, and individuals that are sanctioned by the US government.
Furthermore, they have also suspended the submission of all Russian-origin rough diamonds for the GIA Diamond Origin Report service.
What is the Gemological Institute of America?
GIA, or the Gemological Institute of America, is a nonprofit institute dedicated to research and education in the field of gemology and the jewelry arts. Founded in 1931, it first set base in Carlsbad, California, but has since then expanded to many countries, including Hong Kong, Bangkok, and Japan, to name a few.
Guided by its mission of protecting gemstone buyers and sellers by setting and maintaining the standards of evaluating gemstone quality, GIA pioneered the 4Cs of Diamond Quality (clarity, cut, color, and carat)—a standard that many laboratories, stores, and jewelers use to this day.
Likewise, GIA offers gem identification and diamond grading services, as well as research and educational programs for aspiring gemologists, jewelry designers, appraisers, and more.
Giving Back to Ukraine
Aside from rejecting Russian diamonds and rough and suspending its dealings with Russian businesses and institutions, GIA shows its support to the Ukrainian people in this humanitarian crisis. In fact, they pledged to donate $100,000 to the United Nations High Commissioner for Refugees and $100,000 to the International Committee for the Red Cross for food, shelter, and medical assistance to the people of Ukraine.
“Our global community of GIA alumni, employees, and students stand united in our mission to protect consumers and to bring love, beauty, and joy to people around the world,” the institute adds. “Let us hold firm to that mission and our passion for our trade as we hope and pray for an end to this senseless war and the suffering of innocent people.”