Report: G7 may slap sanctions on diamonds produced by ALROSA
NEW DELHI, Apr 13 (PRIME) -- The Group of Seven leading industrial nations (G7) may impose sanctions on diamonds weighting over 1 carat produced by RussiaТs ALROSA, Indian business daily the Economic Times reported late on Wednesday quoting Shri Vipul Shah, chairman of IndiaТs Gem and Jewelry Export Promotion Council (GJEPC).
Shah said that he had heard from different sources that the G7 during the summit that will start on May 19 in Hiroshima would impose new sanctions and they would start with large diamonds, although he had no idea about the form of the sanctions.
Sanctions will hurt the diamond industry in IndiaТs Surat, Saurashtra, Amreli, and Bhavnagar. They will jeopardize employment of almost 3 million people in the city of Surat that polishes diamonds from all around the world, the Economic Times reported.
Currently, India can export unpolished raw gems from Russia to the U.S. and other G7 countries if the gems are processed to a significant degree by the Indian cutting and polishing industry.