G7 Ban on Russian Diamond to impact India
G7 Ban on Russian Diamond raises concerns for the Indian Gems and Jewellery trade Posted by Shivam Waghela Mumbai: The recent statement from G7 leaders, informing of a decision to impose direct import restrictions on Russian-origin diamonds effective January 1, 2024, and on diamonds processed by third countries from March 1, 2024, while not surprising, raises valid concerns for the Indian Gems and Jewellery trade. We had engaged with the G7 to discuss such sanctions and their implementation, said, Vipul Shah, GJEPC Chairman. We have reservations on the timelines announced for the implementation of restrictions. Recognizing the diversity of our industry, we believe there should be more flexibility in these timelines. While respecting the G7's decision, we would like more details on how such decisions will be implemented. We have questions about what is meant by a major rough diamond importer in the G7 and the powers it will have in determining the compliance of Indian diamond...