21.6 C
Monday, September 25, 2023
HomeRussiaRussia sanctions threaten India's diamond capital

Russia sanctions threaten India’s diamond capital

The possibility of new G7 sanctions against Russia’s diamond trade bears heavily on Surat, India’s diamond hub, which is already suffering from supply cuts and falling demand. In this thriving port, approximately ninety percent of the world’s diamonds are cut and polished.

A world removed from the glitzy boutiques of New York and Tokyo, hundreds of thousands of artisans in the city’s roughly 4,000 workshops cut and set gemstones into sparkling jewelry.

Gujarat, the westernmost state of India, is home to an industry that employs roughly a million people, including retailers and suppliers.

Russia sanctions threaten India's diamond capital
Historically, Russian mining titans such as Alrosa accounted for more than a third of India’s rough diamonds.

However, supplies have decreased since March of last year, when Western sanctions cut Russia off from the SWIFT international payments network in response to its invasion of Ukraine.

Leaders of the G7 nations gathered in Hiroshima, Japan, on Friday and pledged to restrict the $4 to $5 billion annual trade in Russian diamonds by employing high-tech tracing techniques.

Britain went further, announcing that it would implement a complete embargo on Russian diamonds.

Ramshbhai Zilriya, president of the Diamond Workers Union Gujarat, stated that additional sanctions would signal the industry’s demise.

Read More


This site uses Akismet to reduce spam. Learn how your comment data is processed.

Most Popular

NHS spending watchdog reverses bone marrow drug funding cut.

U-turn allows bone marrow cancer treatment. Three-drug combo extends life. Previously ineligible patients benefit. Due to an NHS spending management U-turn, patients with bone marrow cancer will...

HS2: Manchester link cancellation hurts Northern Powerhouse

HS2 Manchester link cancellation concerns. Mayor warns of north-south divide. Repercussions for Northern rail plans. The mayor of Greater Manchester has expressed concerns that the cancellation of...

Alerts as Storm Agnes sends 80mph winds to large parts of country

Storm Agnes: UK "danger to life" warning. Yellow wind alert across UK. Strong winds, travel disruptions expected. From 10 a.m. on Wednesday until 7 a.m. on Thursday,...

Aviva Acquires AIG’s UK Life Insurance Business for £460 Million

Aviva acquires AIG's UK business. £460 million acquisition deal. Strengthens UK protection market. Aviva, a leading FTSE 100 insurer, has announced its acquisition of AIG's UK life...

Recent Comments

%d bloggers like this: