G7 Ban on Russian Diamond Imports from January – Statement by GJEPC Chairman Vipul Shah

The recent statement from G7 leaders, informing of a decision to impose direct import restrictions on Russian-origin diamonds effective January 1, 2024, and on diamonds processed by third countries from March 1, 2024, while not surprising, raises valid concerns for the Indian Gems and Jewellery trade. We had engaged with the G7 to discuss such sanctions and their implementation.

We have reservations on the timelines announced for the implementation of restrictions. Recognizing the diversity of our industry, we believe there should be more flexibility in these timelines.

While respecting the G7’s decision, we would like more details on how such decisions will be implemented. 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.

We are happy to note that the G7 will remain engaged with us as diamond manufacturers. GJEPC will strongly advocate that when regulating the sanctions the interests of SMEs and marginal diamond units should be kept in mind, recognizing their active contribution to this industry and the millions of livelihoods which are dependent on it. We will also be discussing with WDC and aligning all stakeholders to ensure that their businesses are not disrupted.

We are also making representations to the Indian Government, and we are confident that our leadership will ensure that the interests of the Indian trade are not compromised in any way.