G7 nations are weighing the possibility of allowing imports of Russian diamonds that have been cut and finished in India, up to a weight of 1 carat. A Mumbai-based newspaper, Economic Times, reported this potential allowance.
In late September, a delegation from the G7 visited Mumbai and Surat to assess the health of India’s diamond cutting sector. Anup Mehta, who chairs the Bharat Diamond Exchange, stated that G7 members are keen to understand how Indian firms can continue importing Russian rough diamonds while limiting exposure to sanctions risks.
At the heart of the discussions is establishing a protocol to verify the origin of diamonds sourced from Russia and imported into India. The talks are set to continue with two additional rounds of negotiations between the G7 and Indian officials on this matter.
The first reports of Western sanctions on Russian diamonds emerged in winter 2023. Since then, no comprehensive restrictions have been enforced, largely due to the challenge of reliably identifying individual stones.
There were earlier indications that ALROSA would pause or reduce its diamond shipments to India, though details were not consistent across all sources.