India proposed to the G7 countries to postpone the introduction of a ban on Russian diamonds.
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Reuters writes that, according to local authorities, rules for tracing the origin of gemstones “require improvements.”
The deadline for introducing restrictions on indirect imports from Russia in three to four months is impractical, since the rules on how the origin of a precious stone will be traced are not clear, one of the agency’s interlocutors said.
One of the unsatisfying factors for India is that the introduction of a diamond tracking system requires disclosure of information about Indian enterprises. The Reuters interlocutor explained that some of this data is confidential, so a mechanism should be provided that does not violate the rights of business owners.
India accounts for about 90% of the world’s diamond cutting and polishing capacity, making the country crucial in enforcing a ban on gemstone imports from Russia.
At the same time, India mainly processes small Russian diamonds, so the country does not expect major trade disruptions due to sanctions. At the same time, according to Reuters, the Indian diamond sector is facing weakening demand – exports of precious stones in the first seven months of 2023 decreased by 29% to $10 billion.
In December 2023, the EU introduced the 12th package of sanctions against Russia, which also included restrictions on diamond trade with Russians.
Source: Racurs
I am David Wyatt, a professional writer and journalist for Buna Times. I specialize in the world section of news coverage, where I bring to light stories and issues that affect us globally. As a graduate of Journalism, I have always had the passion to spread knowledge through writing.