Thursday, July 4, 2024

India’s Polishing Industry in Peril If G7 Limits Exports of Rough from Moscow

According to a report by the Economic Times quoted by Rough & Polished, the ongoing discussions among G7 countries about imposing restrictions on the export of Russian diamonds pose a significant threat to India’s diamond polishing industry.

Industry experts state that the potential embargo has raised concerns for Surat, which houses over 4,000 diamond processing companies employing at least one million craftsmen, polishers, and traders. Alrosa supplies around 35% of Surat’s gems and accounts for 30% of global rough diamond output.

Vipul Shah, Chairman of the Gem & Jewellery Export Promotion Council said: “If the sanctions continue, then there will be a lot of uncertainty in the employment of one million workers. We are awaiting a proper understanding of how the sanctions will be executed, since there is no way to trace the origin of rough gems right now.”

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