G7 Ban On Russian Diamonds To Have Minimal Impact On India’s Trade

New Delhi, Dec 16 (KNN) The impact of ban on Russian diamonds on Indian exports will be less than earlier anticipated, said Vipul Bansal, Joint Secretary, Commerce Ministry.

He said this referring to the given level of the ceiling in the restrictions imposed by the G7 nations.

Earlier this month, G7 nations announced a decision to ban the direct import of non-industrial diamonds, mined, processed or produced in Russia from January 2024.

Followed by restrictions on the import of Russian diamonds processed by third countries, from March 2024.

Some G-7 countries, are major markets for Indian diamond exports.

India expects minimal disruptions for the country's gems and jewellery exports on account of restrictions placed by Group of 7 nations on the import of Russian diamonds processed by third countries, which will kick in from March next year.

To ensure the effectiveness of these measures, the G7 members have reportedly proposed establishing a robust traceability-based verification and certification mechanism for rough diamonds within the G7 by September 1, 2024.

"There is only control on the rough diamonds coming from Russia, but if these diamonds are processed in India there should not be further checks because you maintain tracing. This is a respite for our diamond industry. There wont be double checks in terms of Russian diamond," Bansal said.

(KNN Bureau)