Editor’s Note
India has formally requested a delay in the G7’s planned ban on Russian diamonds, citing unclear tracing rules. As the global hub for diamond processing, India’s position is pivotal to the policy’s implementation.
[NEW DELHI, Dec 20 (Reuters)] – India has asked the Group of Seven (G7) nations to delay the implementation of a ban on Russian diamonds because the rules for tracing their origin remain unclear, according to two sources familiar with the matter.
India, which accounts for 90% of the world’s diamond cutting and polishing industry, is a crucial country for implementing the ban.
India also requested that the G7 leaders make the measures clearer during their talks.
The G7 leaders announced new sanctions on Russian diamonds on Dec. 6. They plan to ban direct imports of non-industrial Russian diamonds from Jan. 1, and gradually restrict imports of Russian diamonds sold by third countries from around March 1. A new system to trace the origin of diamonds is scheduled to be introduced in September.
India is also expressing reservations about a “traceability-based verification and certification” system that may require companies to provide data. Some of this data could be sensitive, and companies might be reluctant to share such information.
