A group of representatives from G7, including representatives from Belgium, is likely to visit Surat and Mumbai in connection with the deals in Russian rough. The group is in discussion with industry bodies to schedule the visit for the last week of this month, as per a Times of India report.
Meanwhile, the Indian diamond industry is in the midst of numerous challenges of late. Around 10 lakh workers in Surat and other parts of the state and Mumbai who are employed in diamond cutting, polishing and machinery manufacturing need to be provided with employment.
Following a request by GJEPC, Russian diamond mining company ALROSA has announced its decision to suspend diamond allocations for September and October to prevent overstocking.
Also, payments to 23 diamond trading firms having links with Indian companies based in Belgium and Dubai have been blocked by banks for trading in Russian rough. Recently, a city-based leading diamond unit, Sree Ramkrishna Exports, has been included in the list of sponsors of war by Ukraine’s National Agency on Corruption Prevention (NACP).
Besides, it is a matter of concern for the Indian diamond industry as the countries that are markets for the industry are mulling further restrictions against Russian rough.
Aruna Gaitonde, Editor in Chief of the Asian Bureau, Rough & Polished
