GJEPC questions timeline and implementation of G7 Russian diamond import restrictions

Gems and Jewelery Export Promotion Council chairman Vipul Shah has questioned the timing and implementation of the G7 decision to restrict imports of Russian diamonds. Respecting the mandate, Shah made a statement to express the concerns of the Indian industry.

“While we respect the decision of the G7, we would like to have more details on how these decisions will be implemented,” Shah said in his statement, the GJEPC reported on its website. “We have questions about what is meant by a major importer of rough diamonds in the G7 and the powers it will have to determine compliance of Indian diamond exports to the G7.”

A recent statement by G7 leaders reported their decision to restrict imports of diamonds of Russian origin starting January 1, 2024. the organization also plans to restrict imports of Russian diamonds processed by third countries starting January 1 March 2024. the GJEPC has asked for more flexibility with the proposed deadlines to take into account the diversity of the Indian diamond industry.

“We are pleased to note that the G7 will remain committed to us as diamond manufacturers,” Shah said. “the GJEPC will strongly advocate that the interests of SMEs be taken into account when regulating sanctions [small and medium enterprises] and marginal diamond units must be taken into account, recognizing their active contribution to this industry and the millions of livelihoods that depend on it. We will also discuss with WDC [World Diamond Council] and align all stakeholders to ensure their businesses are not affected.”