The G7 countries may impose sanctions on diamonds of one carat or more mined by Russian diamond company ALROSA, says Chairman of the Indian Gem and Jewellery Export Promotion Council Vipul Shah, as per media reports.
"We have been hearing from different sources that there will be fresh sanctions and it will start with large diamonds," Shah told The Economic Times, adding that he does not know the exact details of the new sanctions.
New sanctions may be adopted during the G7 summit, which will be held in Japan's Hiroshima from May 19-21. If new sanctions go into effect, uncertainty will hang over the employment of almost three million workers in the Indian city of Surat, where the vast majority of the world's diamonds are cut and polished.
The reports added that as of now, India is free to export rough gemstones coming from Russia to the United States and other G7 countries if they undergo significant transformation in the Indian diamond cutting and polishing industry.
Aruna Gaitonde, Editor in Chief of the Asian Bureau, Rough&Polished
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