In an interview with The Economic Times quoted by IDEX Online, Vipul Shah, Chairman of the Indian Gem and Jewellery Export Promotion Council (GJEPC), said that the G7 countries “may impose sanctions on diamonds of one carat or more mined” by Alrosa.
“We have been hearing from different sources that there will be fresh sanctions and it will start with large diamonds,” Shah said, but added that he does not know exactly what these sanctions might be.
Currently, India is allowed to process rough diamonds from Russia and export them to the US and other G7 countries “if they undergo significant transformation in the Indian diamond cutting and polishing industry.”
The G7 summit is scheduled for May 19-21in Hiroshima, Japan.
