The new sanctions on diamonds from Russia will cause “major uncertainty” for the one million workers at India’s Surat diamond centre. It has been reported Economic Times.
According to the publication, Surat is already suffering from supply disruptions and falling demand.
Vipul Shah, Chairman of the Gemstones and Jewelery Export Promotion Board, said the sanctions could lead to “major uncertainty over the employment of one million workers”.
The article states that due to the current declining demand, the industry is coping despite the reduction in the supply of rough diamonds.
“The problem will arise when demand increases,” Shah said.
European Union and UK prohibited Importing Russian diamonds with the aim of reducing Moscow’s “shine”. Asharq Al-Awsat wrote that Russia will not be particularly harmed by these bans and the conflict with the West will continue for years.