Gems & Jewellery News

Indian diamond trade raises concern over a recent statement by G7 leaders

The Indian diamond trade has raised concern over the recent statement from G7 leaders, informing of a decision to impose direct import restrictions on Russian-origin diamonds effective January 1, 2024, and on diamonds processed by third countries from March 1, 2024.

“We had engaged with the G7 to discuss such sanctions and their implementation. We have reservations on the timelines announced for the implementation of restrictions. Recognizing the diversity of our industry, we believe there should be more flexibility in these timelines,”said Vipul Shah, chairman of Gem & Jewellery Export Promotion Council on Thursday.

“While respecting the G7’s decision, we would like more details on how such decisions will be implemented. We have questions about what is meant by a major rough diamond importer in the G7 and the powers it will have in determining the compliance of Indian diamond exports to the G7,” added Shah.

The G7 will remain engaged with Indian diamond trade. GJEPC will strongly advocate that when regulating the sanctions the interests of SMEs and marginal diamond units should be kept in mind, recognizing their active contribution to this industry and the millions of livelihoods which are dependent on it. “We will also be discussing with World Diamond Council and aligning all stakeholders to ensure that their businesses are not disrupted,”the GJEPC chairman said.

GJEPC is also making representations to the central government, and we are confident that our leadership will ensure that the interests of the Indian trade are not compromised in any way, Shah said.

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