Indian diamond firms have received warnings to maintain “meticulous” documentation to adhere to G7 sanctions targeting Russian rough, IDEX Online reports. The Gem and Jewellery Export Promotion Council (GJEPC) has instructed its 7,500 members to ensure they possess clear evidence confirming the non-Russian origin of diamonds.
GJEPC’s executive director told The Economic Times: “We strongly urge all members to review the guidelines meticulously and exercise utmost caution when dispatching shipments to G7 countries.”
Starting March 1, the new regulations prohibit all Russian diamonds of 1.0 carats or more, irrespective of where they undergo cutting and polishing. This threshold is set to decrease to 0.50 carats by September 1.
