look news india
Mumbai: After the Russia-Ukraine war, due to the tension between Iran and Israel, there is increased concern about the impact on the export of cut and polished diamonds from India to the Middle East countries. On the other hand, Europe and America are also refusing to buy Russian diamonds from India and want certificate of origin for all types of diamonds. Sources in the Gem and Jewelery Export Promotion Council said about 15 per cent of India's total diamond exports are exported to the Middle East region.
After the attack on Ukraine, Western countries have banned Russian diamonds. Although the ban on diamonds above one carat has been imposed from March 1 and the ban on diamonds below one carat will be implemented from September 1, diamond buyers in Europe and the US demand proof of origin even for diamonds below one carat. Are happening, which is creating confusion. Indian diamond exporters have emerged.
Many dealers and jewelers in G7 countries are refusing to buy polished diamonds from India without proof of origin. Council sources further said that a proposal has been given to the government to resolve the deadlock created by this.
As a result of this confusion and geopolitical tensions, India's diamond exports are being affected in April. According to the new standard, from March 1, the United States and Europe have implemented a ban on diamonds of more than one carat coming from Russian mines and cut and polished in other countries. The ban on diamonds less than one carat is effective from September 1.
Nine out of every ten diamonds in the world are cut and polished in India. These diamonds are imported from Russian and South African mine owners.
Sources said that due to the new standard, India's import of cut and polished diamonds declined by 18 percent to $ 15.70 billion in April-February of the current financial year, while exports during this period fell by 28 percent year-on-year to $ 14.80 billion. left. ,