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India demands 'flexibility' on G7's Russian diamond ban

India demands 'flexibility' on G7's Russian diamond ban Photo: India demands 'flexibility' in G7 sanctions against Russian diamonds (Getty Images)

India and the world's largest producer of rough diamonds, De Beers, are demanding clarity and flexibility from the Group of Seven (G7) countries in implementing the ban on the import of Russian precious stones, reports Reuters.

The G7 countries announced a direct ban on Russian diamonds starting from January 1, with phased restrictions on the indirect import of Russian precious stones from around March 1. Russia is the world's largest producer of rough diamonds, accounting for 30% of the global market share.

The implementation will largely depend on India, which aims to minimize potential disruptions to the operations of small diamond companies employing millions of people.

"We are not happy with the announced timeline for implementation of restrictions," said Vipul Shah, the Chairman of the Council for the Promotion of Exports of Jewelry with Precious Stones.

He added that these terms should be more flexible.

De Beers' perspective

"It is currently unclear what exactly will be involved at each stage, so we will seek further clarification before being able to consider impacts," said De Beers.

The company believes that if the intention is to apply a purely technological certification system and channel all diamond raw material imports to the G7 through Belgium, it will harm responsible African producers, everyone dependent on the artisanal mining sector, and the world as a whole.

Sanctions against Russian diamonds

Yesterday, U.S. President Joe Biden and leaders of the G7 countries reached a final agreement on imposing a ban on the direct import of diamonds from Russia.

Canada also, after consultations with the G7 countries, imposed a ban on the import of Russian diamonds, as well as jewelry products with them.