G7 officials were exploring options to support Indian diamond traders in adhering to G7 sanctions against Moscow while minimizing any potential disruptions.
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G7 representatives, in collaboration with the Gem & Jewellery Export Promotion Council (GJEPC) and the Bharat Diamond Bourse (BDB), were exploring avenues to support Indian diamond traders in adhering to the G7’s sanctions on Moscow while ensuring minimal or no disruptions, according to Anoop Mehta, President of the BDB.
The recent communication represents a significant development for local diamond traders, as G7’s sanctions on Russian stones have been a setback for the nearly 1.5 million-strong Surat diamond industry. This industry has also been grappling with reduced demand and the effects of a global economic slowdown.
The G7, consisting of the United States, the United Kingdom, France, Germany, Italy, Japan, and Canada, plays a significant role in global economic and diplomatic affairs. Notably, around one-third of the world’s diamond supply is mined in the Siberian region of Yakutia by the state-owned company Alrosa.
Anoop Mehta stated that the importance of Russian diamond traders adhering to a traceability system using a system of warranties. Several protocols from different countries and agencies, including the Belgian protocol, the Indian protocol, and the World Diamond Council protocol, are under consideration. G7 is in the process of identifying the most appropriate protocol for diamond traceability through two more rounds of discussions before finalizing their decision.
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