The Gem and Jewellery Export Promotion Council (GJEPC) has expressed apprehension over the G7’s imposition of diamond sanctions on Russia, which is responsible for 30% of the global diamond supply, according to a report in IDEX Online.
Vipul Shah, GJEPC’s Chairman, said in a statement: “We are not happy with the announced timeline for implementation of restrictions. “Recognising the diversity of our industry, we believe there should be more flexibility in these timelines.”
The G7 nations, commanding 70% of global retail diamond purchases, are set to prohibit Russian diamonds starting January 1, 2024. Additionally, phased restrictions on Russian diamonds processed abroad will take effect from March 1, with a traceability mechanism to enforce sanctions slated for implementation on September 1.
Meanwhile, India’s self-imposed two-month ban on rough diamond purchases resulted in a significant drop in imports during November. According to figures released by GJEPC, imports fell 69% month-on-month to $314 million. The voluntary moratorium, which concluded on December 15, is recognized as a primary factor contributing to the recent surge in diamond prices.
