[ad_1]
The G7 international locations – the US, UK, Canada, Germany, France, Italy and Japan – have determined to ban imports of Russian-origin diamonds of 1 carat and above beginning March 1 (Friday), even when they’re minimize and polished in a 3rd nation like India. The ban, as a part of sanctions imposed on Russia for the reason that begin of the Ukraine warfare, might be prolonged to diamonds weighing 0.5 carats and above from September 1.
This might notably damage the diamond trade in India, which processes 9 out of each 10 diamonds discovered on the planet. The nation exported greater than $13 billion value of minimize and polished diamonds within the first ten months of fiscal 2024, practically 28% decrease in contrast with a 12 months earlier.
The G7 international locations have dumped the Kimberley Course of Certification, which was in place all these years to make sure that the diamonds for exports are “conflict-free”.
In response to the diamond trade, there is no such thing as a protocol in place to infer traceability of diamonds and if every little thing goes by way of Antwerp, then it won’t meet the targets of the G7 and will create irreparable injury to the non-Russian diamond trade as effectively.
(Now you can subscribe to our Financial Occasions WhatsApp channel)
