Surat, not Belgium: India pushes back on G7's diamond checks
7 months, 4 weeks ago

Surat, not Belgium: India pushes back on G7's diamond checks

Live Mint  

MUMBAI, NEW DELHI : India is scrambling to soften the impact of curbs on diamond exports to G7 nations, which want the gems tested in Belgium to ensure they did not originate in Russia. The proposal, made by a G7 technical committee, is particularly troubling for Indian diamantaires since the domestic industry cuts or processes 10 out of 11 of the world's rough diamonds. As part of the G7's three-phase plan to completely block Russian diamonds, its member nations—including the US and the UK, which are also major importers of diamonds—have announced a complete ban on non-industrial diamonds that are mined, processed or produced in Russia starting 1 January. A second person said G7's opposition to diamonds from Russia, following its attack on Ukraine, has led to a situation where payments of Indian companies are also being withheld.

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History of this topic

Surat’s diamond factories lose sparkle as global recession hits sector
4 months, 1 week ago

Surat’s diamond factories lose sparkle as global recession hits sector

The Hindu  

Mass scale job losses, pay reduction and uncertainty about work have taken the sheen away from Surat’s famed diamond industry, which employs around seven lakh workers in thousands of factories in cutting and polishing rough diamonds and exporting them in multiple countries. According to Surat Diamond Association’s president Jagdish Khunt; the Russia-Ukraine war and Israel’s action in Gaza are some …

Budget 2024: Customs duty on gold, silver cut to 6%, sops for diamond industry
5 months ago

Budget 2024: Customs duty on gold, silver cut to 6%, sops for diamond industry

The Hindu  

Union Finance Minister Nirmala Sitharaman has proposed to reduce Customs Duties on gold and silver to 6% and on platinum to 6.4% providing big relief to buyers of these precious metals. As per the proposal, duty on gold bars has been cut from 15% to 6%, gold dore from 14.355 to 5.35%, for platinum from 15.4% to 6.4%, for silver …

Budget 2024: From import duty cut to Diamond Imprest Licence, here’s what gem and jewellery sector expects
5 months, 2 weeks ago

Budget 2024: From import duty cut to Diamond Imprest Licence, here’s what gem and jewellery sector expects

Live Mint  

The jewellery industry is eagerly anticipating potential duty cuts on gold, silver, diamonds, and platinum in the upcoming 2024-25 Budget, to be presented by Finance Minister Nirmala Sitharaman on July 23. I request the Hon’ble Finance Minister to introduce a Safe Harbour rule in SNZs, introduce the Diamond Imprest License, and reduce the import duty on gold, silver, and platinum …

Mint Explainer: How delayed EU sanctions bring relief to Indian diamond industry
5 months, 3 weeks ago

Mint Explainer: How delayed EU sanctions bring relief to Indian diamond industry

Live Mint  

The decision by the European Union on 24 June to defer its stricter sanctions on the import of Russian diamonds to March 2025 came as a big relief to the Indian diamond industry, particularly the polishing sector. The postponement of sanctions has brought significant relief to the Indian diamond industry, which heavily relies on imports of Russian diamonds. The Mint …

India's Gems and Jewellery Sector Aims for $1 Billion Exports
9 months, 1 week ago

India's Gems and Jewellery Sector Aims for $1 Billion Exports

Deccan Chronicle  

Chennai: India having signed a trade pact, the gems and jewellery industry hopes to grow exports to EFTA countries- Switzerland, Iceland, Norway and Liechtenstein- from $335 million to $1 billion in the coming years. The Trade and Economic Partnership Agreement has opened immense opportunities for the Indian gem and jewellery sector to enhance its exports to the untapped EFTA countries …

India urges G7 to defer incoming ban on Russian diamonds as rules lack clarity
1 year ago

India urges G7 to defer incoming ban on Russian diamonds as rules lack clarity

Firstpost  

Russia is the world’s biggest producer of rough diamonds by volume. India has requested the Group of Seven nations to defer the imminent ban on Russian diamonds due to uncertainties surrounding the rules for tracing the origins of gems, according to two informed sources. Earlier this month, G7 countries announced a direct ban on Russian diamonds effective from January 1, …

Indian exports shielded from G7 ban on Russian diamonds
1 year ago

Indian exports shielded from G7 ban on Russian diamonds

Live Mint  

New Delhi: A decision by the Group of Seven nations to ban imports of polished diamonds made from Russian rough stones from early next year will not hurt Indian diamantaires, a senior government official said on Friday. India, which cuts 14 out of 15 of the world’s rough diamonds, according to government data, does not import the stones directly from …

Belgium’s prime minister says his country supports a ban on Russian diamonds as part of sanctions
1 year, 2 months ago

Belgium’s prime minister says his country supports a ban on Russian diamonds as part of sanctions

Associated Press  

BRUSSELS — Belgium’s prime minister said his country, which has the biggest interest in the global diamond trade in the European Union, is supporting a ban on Russian diamonds as part of sanctions targeting President Vladimir Putin’s government for its war against Ukraine. January 1st of 2024.” According to The Antwerp World Diamond Centre, the world’s most important diamond trading …

G7 doesn\'t want India-processed Russian diamonds to enter US, EU
1 year, 2 months ago

G7 doesn\'t want India-processed Russian diamonds to enter US, EU

Deccan Chronicle  

Chennai: The G7 countries do not want Russian diamonds of one carat and above, processed by Indian diamantaires, to enter the US and the European Union market. The G7 bloc, consisting of Canada, France, Germany, Japan, Italy, the United Kingdom, and the United States, has restricted the entry of Russian diamonds of one carat and more to enter the US …

India's export of cut, polished diamonds may fall by 22% in FY24 on sluggish demand: Icra
1 year, 2 months ago

India's export of cut, polished diamonds may fall by 22% in FY24 on sluggish demand: Icra

The Hindu  

India's export of cut and polished diamonds is projected to decline by 22% to $17.2 billion in the current fiscal due to weakened demand from the key consuming nations, according to rating agency Icra. In the first five months of the current fiscal, cut and polished diamond exports witnessed a sharp year-on-year decline of 31% following lower export volumes and …

Why possible ban on Russian diamonds by G7 matters to India
1 year, 3 months ago

Why possible ban on Russian diamonds by G7 matters to India

Firstpost  

The Group of Seven bloc and Belgium will send their representatives to India next week to discuss the potential impact of a ban on Russian diamonds on the South Asian country. Earlier sanctions by the US on the gemstones have already hurt the diamond industry in Surat The Group of Seven countries are ready to announce an import ban on …

India asks US to release funds frozen over suspected Russia diamond link: Report
1 year, 3 months ago

India asks US to release funds frozen over suspected Russia diamond link: Report

Firstpost  

India has asked the United States to release $26 million belonging to at least two Indian diamond firms frozen due to their alleged trade links with sanctioned Russian diamond major Alrosa, according to a report, citing three Indian sources India has asked the United States to release $26 million belonging to at least two Indian diamond firms frozen due to …

Crisis in diamond city: Is Surat’s glitter dimming?
1 year, 4 months ago

Crisis in diamond city: Is Surat’s glitter dimming?

Live Mint  

Surat is in pain as the diamond industry is in the middle of a major upheaval. Mint looks at the issue that is plaguing India’s diamond city and the reasons behind this crisis. In 2022-23, India’s gem and jewellery exports totalled Rs1.76 trillion, with cut and polished diamonds accounting for 65% of that value. As the world embraces lab-grown diamonds, …

U.K. announces new Russia sanctions, including diamond ban
1 year, 7 months ago

U.K. announces new Russia sanctions, including diamond ban

The Hindu  

Britain unveiled new sanctions against Russia on May 19, targeting imports of diamonds and other minerals in a bid to choke Moscow's ability to fund the war in Ukraine. Before a G7 summit in Japan began, London said it would introduce "a ban on Russian diamonds", copper, aluminium and nickel, and sanction more entities involved in Moscow's "military industrial complex". …

‘Gem and jewellery exports grew 7.9% in April-Oct. 2022’
2 years, 1 month ago

‘Gem and jewellery exports grew 7.9% in April-Oct. 2022’

The Hindu  

Gem and jewellery exports from India grew 7.9% to ₹1,88,183.89 crore in the April to October period, despite a decline of 14.64% to ₹25,843.84 crore in the month of October, according to the Gem & Jewellery Exports Promotion Council. “We had witnessed the usual pre-Diwali buzz as factories rushed to complete export orders in time for Thanksgiving and Christmas,” said …

Ukraine war hits Surat’s diamond industry hard
2 years, 6 months ago

Ukraine war hits Surat’s diamond industry hard

The Hindu  

Mitosh Patel, 38, is a school dropout. They also haven’t got any work in the past 100 days,” Mr. Patel says. Mr. Patel is among the roughly five lakh people in rural Gujarat who are engaged in cutting and polishing of diamonds for nearly two generations. In patli size, almost 70% is imported from Russia,” says Dinesh Navadia, Regional Chairman …

Can India keep the shine on Russia’s diamond industry?
2 years, 8 months ago

Can India keep the shine on Russia’s diamond industry?

Al Jazeera  

An escape clause in US sanctions allows Russian diamonds to enter global markets after being cut and polished in India. “If India imposed similar sanctions to that of the US, it would further disrupt the demand for Russian diamonds,” Paul Zimnisky, a leading industry analyst, told Al Jazeera. “If India banned the import of any diamond of Russian origin, that …

India studying U.S. sanctions on Russian diamond major Alrosa
2 years, 8 months ago

India studying U.S. sanctions on Russian diamond major Alrosa

The Hindu  

The United States’ decision to impose stricter sanctions on Alrosa of Russia, a major player in India’s gems and jewellery industry, was being evaluated, sources in the industry said on Friday. Biggest supplier The latest sanctions on the major supplier of Russian rough diamonds to India, came hours after India and the United States announced the April 11 “2+2” ministerial …

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