On September 28, a delegation from G-7 countries and Belgium interacted with representatives of India’s diamond industry at Surat. On the agenda were proposed restrictions on import of rough Russian diamonds and finding out ways to ensure diamonds mined by Russian mining firm ALROSA do not reach the Indian market, as reported in News9live.com.
The G7, an informal grouping of some of the world’s seven most developed economies (US, Canada, France, Italy, Germany, UK and Japan), is working on a tracing system to ensure blocking imports of stones mined in Russia, the world’s largest producer of rough gems. The larger goal is to ensure that the external funding to Russia’s war against Ukraine is stopped.
Dinesh Navadia, a member of the Surat Diamond Association, said Indian companies follow the rules and import rough diamonds with Kimberly Process Certificate. The Certification is the process established in 2003 to prevent conflict diamonds from entering the mainstream rough diamond market by United Nations General Assembly Resolution.
“We are meeting the foreign delegation. They have shared their concerns. We will share ours. We hope to reach a consensus soon,” said Navadia, who is also the Chairman of the Surat-based Indian Diamond Institute, sponsored by the Union Ministry of Commerce and Industry.
Belgium, a member of the European Union (EU), had earlier resisted any sanctions on Russian diamonds sought by the EU, perhaps, because of the significance of the country’s second-largest city, Antwerp, which is the largest diamond hub in the world. But now, Belgium says it would support a ban if the G-7 can find an effective mechanism. Last week, Belgian Prime Minister Alexander De Croo extended support to the proposed sanctions.
The proposed sanctions will reportedly lead to a direct ban on purchases, which would take effect on January 1. There will also be an indirect ban, which will come into force gradually.
The delegation will also visit Mumbai after Surat.
Aruna Gaitonde, Editor in Chief of the Asian Bureau, Rough & Polished
