G7 countries will limit supplies of diamonds from Russia from 1 carat – Kommersant

The G7 countries, which are working on restrictions on the Russian diamond industry as part of the next package of sanctions, are not against India purchasing Russian diamonds. However, according to sources The Economic TimesG7 representatives are discussing with the Indian authorities a ban on the import of cut and polished diamonds weighing 1 carat and above from Russia.

Anoop Mehta, president of the world’s largest diamond exchange, Bharat Diamond Bourse, told the publication that G7 representatives are exploring ways that could allow Indian diamond buyers to comply with sanctions against Russia with minimal losses.

The Indian diamond industry employs 1.5 million people. The annual volume of Russian diamond exports to India is estimated at $4 billion. The Indian diamond industry is currently under pressure due to declining demand for polished diamonds and the global economic downturn. In this regard, Indian cutters were forced to suspend purchases for two months. At India’s request, sale of diamonds suspended Russian ALROSA.

Bharat Diamond Bourse President Anoop Mehta also said that Russian diamond traders will have to adhere to a new protocol for traceability of diamonds. For this purpose, the protocol of Belgium, India or the World Diamond Council can be used.

According to the Belgian publication Le Soir, Belgium is leading the development of a plan to phase out Russian diamonds from the European Union and G7 countries. According to the publication’s sources, sanctions on diamonds from Russia may begin to take effect on January 1, 2024.

About how the sanctions affected the company – in the material “Diamonds did not notice the sanctions”.

Anastasia Larina