India's Concern over G7 Diamond Sanctions
December 12, 23
(IDEX Online) - Indian manufacturers are concerned about the G7's rollout of diamond sanctions on Russia, which is responsible for 30 per cent of global supply.
The GJEPC (Gem and Jewellery Export Promotion Council), representing almost 10,000 members, says there should be more flexibility to miminize the impact of the new restrictions.
"We are not happy with the announced timeline for implementation of restrictions," said Vipul Shah, GJEPC chairman in a statement.
"Recognising the diversity of our industry, we believe there should be more flexibility in these timelines."
The G7 nations, which account for 70 per cent of retail diamond purchases, will outlaw Russian diamonds from 1 January 2024.
Phased restrictions on Russian diamonds processed abroad will come into force from 1 March and a traceability mechanism will be introduced on 1 September to police the sanctions.
Pic of Russian rough diamonds, courtesy Alrosa