Valery Budny: There is no strategy and legislation in Russia enabling the full cycle processing of precious raw materials within the country

Valery Budny, Head of the Jewelry Russia program and CEO of the JUNWEX media holding, told Rough&Polished about the results of the meeting and pressing issues in the precious metals and precious stones (PMPS) and the jewelry sectors.

Yesterday

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Russian envoy urges India to become a rule-maker on diamond certification at VGGS

15 january 2024

Speaking at the seminar at the tenth edition of the Vibrant Gujarat Global Summit (VGGS) on 11 January 2024, Russian Ambassador to India, Denis Alipov, highlighted that a talking point at business meetings with Indian firms has been “the current difficulties in the diamond industry because of the sanctions against Russia.

"India should transition to becoming a “rule-maker” as far as diamond certification is concerned, Alipov has urged the country. The remark comes as diamonds mined in Russia continue to face sanctions amid the Ukraine war, as per a report in The Indian Express.

Recently, the G7 countries imposed a ban on all Russian diamonds from January 1 and are expected to mandate a traceability-based certification for rough diamonds within the G7 nations later this year.

“What I said was that the point of Viksit Bharat, which is the target India has set for itself… It is also about India transiting from ‘rules-consumer’ to the ‘rule-maker’. We spoke about the certification of diamonds, which is also part of the problem with sanctions and I floated the idea that it is high time that India becomes the rule-maker and why not become the leader in certification, why not consume the certification system that is in place and created by those who impose those sanctions. The way forward is very clear in my opinion… to create our own rules, to establish direct relations beneficial for India as a leader in cut diamonds, gems, and jewellery production and for the benefit of Russia as a major hub for the diamond exporters,” Alipov said.

Alipov outlined that the international north-south transport corridor (INSTC) is a vital priority area for Russia. Gujarat is “well positioned to play a greater role in the development of this North-South corridor infrastructure,” he stressed, “especially with the aggravation of the conflict in the Middle East,” with Mundra and 48 other smaller ports making up 40 per cent of India’s sea freight traffic. "The INSTC, on the other hand, has been operational and we are looking at its expansion. In my view, this is a very promising route to Europe, through Iran and Russia.”

Alexander Rybas, Trade Representative of Russia in India, said, “In the recent years, the Russian economy constantly has to overcome new challenges. First, it was Covid, which led to logistic disruptions. Last two years, the global economy faced a more serious test. Geopolitical situations provoked systemic problems in the global markets. Slowly but steadily, the negative impact of third countries’ actions is being neutralised.”

Rybas suggested that India can “definitely capitalise on this momentum in the backdrop of Western companies withdrawing from our markets”. Urging Indian businesses to be “more aggressive” as opportunities open in the Russian market, he added that it would be in the "interest of both our countries".

Aruna Gaitonde, Editor in Chief of the Asian Bureau, Rough & Polished