SRK Denies Buying $330m of Russian Diamonds
September 19, 23
(IDEX Online) - Shree Ramkrishna Exports (SRK), one of the world's largest diamond manufacturers, has hit back after Ukraine claimed it had bought $330m of sanctioned Russian diamonds and listed it as an international war sponsor.
Ukraine's National Agency on Corruption Prevention (NACP) says the Mumbai-based company "continues to cooperate with the aggressor, purchasing diamonds in Russia," despite Western sanctions.
SRK posted a statement on its website insisting it had been unjustly targeted in "the web of global geo-politics, misinformation and baseless allegations".
The NACP claims SRK, which has an annual income of over $1.3bn, bought $132m of Russian diamonds in the first half of this year.
It says that during 2022, after Western sanctions were imposed in April, it bought $198m of Russian rough - more than three times the $59m it bought in 2021.
"While other Western companies bypass the Russian market, Shree Ramkrishna Exports actively buys Russian diamonds on favorable terms, thereby actively sponsoring aggression against Ukraine," it said.
SRK said Ukraine was attempting to tarnish the reputation of India's diamond industry without any factual basis and said it reserved the right to take legal action against the NACP.
The company said: "SRK has consistently operated within the framework of national and international guidelines, complying with all regulations issued by the United Nations, OFAC and other national and international authorities.
"SRK does not endorse or support any kind of war or conflict anywhere in the world. The company has never engaged in any transactions with UN, US, Indian or OFAC sanctioned entities or individuals involved in any form of conflict."
Pic courtesy SRK