India urges G7 to postpone ban on Russian diamonds - media
Kyiv • UNN
India has asked the G7 to postpone the ban on Russian diamonds, citing unclear traceability rules and concerns about data sharing for its diamond industry.
India has urged the Group of Seven (G7) countries to postpone the introduction of a ban on Russian diamonds under the 12th package of sanctions against Russia. India considers the rules for tracing the origin of precious stones "unclear," two sources with knowledge of the matter told Reuters, UNN reports.
Details
"The timeframe for introducing restrictions on indirect imports (of diamonds - ed.) from Russia within three to four months is inappropriate, as the rules for tracking the origin of gems are unclear," said one of the sources.
India has also expressed its objections to the G7's new system of "traceability-based verification and certification" of diamonds, which may require the exchange of data on Indian enterprises, the first source said.
Some data may be sensitive and businesses may not feel comfortable sharing such information, he said.
Addendum
India is home to 90% of the world's diamond and granite industry. This industry employs millions of people in small and medium-sized firms.
Earlier this month, a government official said that the country expects minimal disruption to trade because India mainly handles small Russian diamonds. However, the proposed ban will affect the diamond supply chain, industry representatives say.
In the first seven months of the current fiscal year, which began in April, the country's diamond exports fell by 29% to $10 billion. Last fiscal year, which ended March 31, the country exported more than $22 billion worth of diamonds.
Recall
On December 18, the EU Council officially adopted the 12th package of economic and individual sanctions against Russia, which includes, among other things, a ban on the import, purchase or transfer of Russian diamonds.
