India urges G7 countries to extend proposed ban on Russian diamonds

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Mumbai: G7 countries have been requested on behalf of India to postpone the proposed ban on Russian diamonds that will come into effect from January. The Group of Seven (G7) countries have been requested to relax the ban as the rules for identifying the place of origin of diamonds are still unclear, government sources said.

90 percent of the polished and cut diamonds in the world are produced in India. The three-four month period for banning indirect import of diamonds from Russia is impractical and the rules for identifying the origin of diamonds are unclear, government sources said.

At the beginning of this month, the G7 countries had decided to directly ban Russian diamonds from January 1st and then it has been announced to ban its indirect import from March 1st.

The country's November export figures released last week showed a year-on-year decline of 2.80 per cent, but gems and jewelery exports grew by 12 per cent.

There is concern in the domestic diamond industry that India's diamond exports will be affected as a result of the ban, which will come into effect from January. America is India's major diamond export hub. Keeping this fact in mind, it is believed that the said submission has been made on behalf of the government. Russia is the largest producer of rough diamonds by volume with a 30 percent share of the global diamond market.


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