India is pushing to become the primary checkpoint for verifying that diamonds entering G7 countries are not of Russian origin, rather than Belgium, IDEX Online reports.
Given India’s substantial imports and processing of rough diamonds, it is seen as “a natural choice,” according to a report published on July 15 by the Indian business website moneycontrol.com. The report indicates that stakeholders from Africa, India, De Beers, and other industry giants oppose Antwerp being the sole entry point.
The implementation of a certification mechanism, originally set to start on September 1, 2024, has been postponed by six months to March 1, 2025, due to concerns within the diamond industry.
“The new regulations will require detailed tracking of diamond origins, with oversight from Antwerp,” notes moneycontrol.com. “However, the Indian diamond lobby is strongly advocating for India to be the key nodal checkpoint for diamond verification.”
In related news published by IDEX Online, India’s diamond industry is urging the government to permit direct payments to Russia to facilitate easier procurement of goods sanctioned by G7 countries. Since the US banned dollar payments following Russia’s invasion of Ukraine, transactions have been routed through China. Now, industry leaders are advocating for a more straightforward and cost-effective alternative payment method, and have called on Prime Minister Narendra Modi to address these concerns during his recent visit to Russia.
