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G7’s curbs on Russian diamonds will not hurt India




The Indian government say the G7 diamond sanctions only stones over one carats, and will therefore cause minimum disruption to its industry.

The vast majority of stones cut and polished in Surat and other diamond hubs are well under the 1.0-cts threshold.


The government is confident that the G7 nations’ move to block the entry of Russian diamonds into their markets will have a minimum disruption to India’s diamond processing businesses as a solution is in sight.


As per a plan conveyed by the G7 bloc, all Russian diamonds of one carat and above will not be accepted into their countries from March 1, 2024, and the curbs will be expanded to diamonds of half a carat or lower from September with traceability systems to be put in place.

"We should be able to export our diamonds without disturbing the proposed sanctions on Russia," said the Commerce Secretary Sunil Barthwal.


The G7 nations, which account for 70 per cent of retail diamond purchases, announced earlier this month that it will outlaw Russian diamonds from 1 January 2024.


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