Russian Diamond Sanctions "Could Hit 1.5m People in Gujurat"
April 19, 22
(IDEX Online) - As many as 1.5m people in Gujarat, India, could be affected by sanctions on Russian diamonds, according the industry body GJEPC.
Around 800,000 people living in rural areas will be "directly impacted" and a further 700,000 with some link to the industry will be affected, it said, though it did not provide further details.
Dinesh Navadiya, regional chairman of the GJEPC (Gem and Jewellery Export Promotion Council) said most global companies had suspended Russian banking operations, and the latest round of US sanctions had prevented manufacturers in Surat from making payments from banks in Dubai, Belgium or India.
"The supply of rough to the international diamond industry has been disrupted following Russia's attack on Ukraine," he told the Times of India.
"But after the latest US sanction on Russia diamond supplier Alrosa, the diamond industry across India, including Surat and Gujurat, will face a shortage of rough diamonds in the coming days,"
He said over 1.7m carat of Alrosa's rough diamonds reached Surat for polishing, but it was not made clear over what period.
Pic shows Dinesh Navadiya, of GJEPC.