The Gem and Jewellery Export Promotion Council’s chairman Vipul Shah has questioned the timeline and implementation of the G7’s decision to restrict Russian diamond imports. While respecting the mandate, Shah made a statement to voice the Indian industry’s concerns.
“While respecting the G7’s decision, we would like more details on how such decisions will be implemented,” said Shah in his statement, the GJEPC reported on its website. “We have questions about what is meant by a major rough diamond importer in the G7 and the powers it will have in determining the compliance of Indian diamond exports to the G7.”
A recent statement by the G7 leaders informed on their decision to restrict Russian-origin diamond imports from January 1, 2024. The organisation also plans to restrict imports of Russian diamonds processed by third countries from March 1, 2024. The GJEPC has called for more flexibility with the proposed timelines to take into consideration the diversity of the Indian diamond industry.
“We are happy to note that the G7 will remain engaged with us as diamond manufacturers,” said Shah. “GJEPC will strongly advocate that when regulating the sanctions the interests of SMEs [small and medium enterprises] and marginal diamond units should be kept in mind, recognising their active contribution to this industry and the millions of livelihoods which are dependent on it. We will also be discussing with WDC [World Diamond Council] and aligning all stakeholders to ensure that their businesses are not disrupted.”
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