India, De Beers seek clarity, flexibility on G7’s Russian diamond ban

MUMBAI/LONDON: India, home to 90% of the world’s diamond cutting and polishing industry, and De Beers, the top global rough diamonds producer by value, are seeking clarity and flexibility from G7 countries in implementing a ban on imports of Russian gems.

The Group of Seven countries on Wednesday announced a direct ban on Russian diamonds starting Jan. 1 followed by phased-in restrictions on indirect imports of Russian gems from around March 1. Russia is the world’s biggest producer of

rough diamonds by volume with a 30% share of the market.

The implementation will depend heavily on India, which wants to minimise potential disruptions for small diamond firms employing millions of people.

“We are not happy with the announced timeline for implementation of restrictions,” said Vipul Shah, chairman of the Gem Jewellery Export Promotion Council (GJEPC), a leading Indian trade body.