The diamond industry has seen a significant shift in consumer behavior in recent years. The demand for diamonds and other luxury goods increased significantly as most consumers stayed at home during the Covid-19 pandemic. However, with the easing of lockdowns and increasing travel, the demand for diamonds decreased and consumer behavior changed again, resulting in significantly lower diamond prices. Now that the new sanctions on Russian diamonds have been adopted by the European Commission, discussions are once again taking place about the unpredictability of the market. Sanctions are typically imposed to restrict trade and are known to significantly disrupt the global market, hinder economic growth, and almost always lead to higher prices in the world market. The recent sanctions on Russian diamonds have directly caused volatility in the market as buyers and sellers face uncertainty. The industry expects a gradual and temporary increase as it adapts to the changing dynamics influenced by the Russian sanctions. Constant efforts are being made to stabilize and keep prices fair. We will keep you informed of any major changes that occu