Indian officials, among them India’s external affairs minister Subrahmanyam Jaishankar, are urging the establishment of a diamond screening center within the country. According to IDEX Online, they are claiming the single-entry point in Belgium, in line with the new G7 sanctions, is raising costs and endangering jobs.
Exporters in India are alarmed that the recent sanctions, which prohibit the trade of Russian goods irrespective of where they are processed, are causing shipment delays and driving up prices of rough diamonds. The Gem and Jewellery Export Promotion Council (GJEPC) reports that the sanctions are prolonging shipping times by up to three weeks.
Given that two-thirds of all diamonds manufactured in India are destined for G7 countries, the requirement for verification as non-Russian goods at Antwerp’s Diamond Office is a significant challenge. Indian officials propose that a dedicated screening center within the country would streamline this verification process.
In related news, GJEPC has published its monthly diamond trade data for March 2024, Rough & Polished reports. In March, gross exports of polished diamonds dropped by 27.4% year-on-year to $1.164 billion. Between April to March, polished exports fell by 27.6%, totaling $15.966 billion.
