G7 Sanctions: Calls for Screening Centre in India
April 17, 24
(IDEX Online) - Indian officials are calling for their own diamond screening center to comply with new G7 sanctions, claiming a single-entry point in Belgium is increasing costs and putting jobs at risk.
India's external affairs minister Subrahmanyam Jaishankar (pictured) raised the matter last week with a delegation that included the Belgian foreign Secretary Theodora Gentzis.
Exporters in India are concerned that the latest restrictions - introduced last month and outlawing Russian goods regardless of where they are cut and polished - are causing delays and pushing up rough prices.
The GJEPC (Gem and Jewellery Export Promotion Council) claims the sanctions are adding an extra three weeks to some shipments.
Two thirds of all diamonds manufactured in India are sold to G7 countries and must now be verified as non-Russian at Antwerp's Diamond Office.
Indian officials say a dedicated screening center in the country would streamline the process.
India doesn't officially recognize unilateral, non-United Nations sanctions, but the G7 nations - including all 27 EU countries - won't accept Russian goods (currently 1.0-ct and above, 0.50-cts and above from September).
"The G7 diamond file was discussed with our Indian interlocutors. Our cooperation around diamonds is an important theme in our economic relations, about which we continue to discuss regularly," Belgian's Ministry of Foreign Affairs spokesperson told The Hindu.