FORT WAYNE, Ind. (WANE)–As retaliation for Russia’s invasion of Ukraine, President Joe Biden said on Friday that the US will drastically lower its trade status with Russia, as well as restrict imports of Russian seafood, vodka, and diamonds.
Americans have already felt the economic effects of Russia’s invasion, but how will President Biden’s restriction of Russian diamond imports impact local jewelers?
Fort Wayne jewelry store, Peter Franklin Jewelers, doesn’t expect the ban to have an effect on the diamond industry anytime soon.
“We have a well diversified supply, and we have many different suppliers we deal with and get diamonds from different countries. For as long as we’ve been open, we’ve made sure we always have conflict free diamonds. So we’re really not foreseeing any big impact from this, but we’ll see,” Jordan Willis, gemologist said.
While the jewelry industry has also been affected by the supply chain shortages due to the pandemic, Willis says that the ban on Russian diamonds could have an potential impact on increased jewelry prices.
“We’ve seen a price increase in the last 12 months due to supply chain shortages with COVID, but we’ll have to see what this adds on top of it, but we’re prepared for it,” Willis said.
