G7 countries may allow imports of Russian diamonds processed in India weighing up to 1 carat. An Indian newspaper reports this Economic TimeS.
G7 representatives visited Mumbai and Surat at the end of September to review the situation in the Indian diamond cutting market. According to Anup Mehta, Chairman of the Bharat Diamond Exchange, G7 countries are interested in how Indian companies can continue to import Russian raw materials while minimizing sanctions risks.
The issue of choosing a protocol to trace the origin of diamonds imported by India from Russia is under discussion. Two more rounds of negotiations are planned to be held between the G7 and India on this issue.
First reports of Western embargo on Russian diamonds started Register in winter 2023. However, until now, no restrictions have been imposed due to the difficulty of identifying precious stones.
It was previously known that ALROSA was temporarily suspended. will stop Supply of diamonds to India.