17.4 C
London
Friday, May 24, 2024
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
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

RELATED ARTICLES

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

Most Popular

Common shower mistake can cause ‘fusing,’ stunting orgasms

To prevent the fusion of parts of their genitals, women on social media have been advised to cleanse their intimate areas in the shower thoroughly.  A Maryland-based urologist responded to a thread on Reddit regarding feminine hygiene by elucidating how the accumulation of microbes and dead skin cells on specific tissues can lead to the adhesion of certain components.

Resolution commemorating 1995 Srebrenica genocide passes UN

Despite the vehement opposition of Bosnian Serbs and Serbia, the United Nations General Assembly has voted to establish an annual day of remembrance for the 1995 Srebrenica genocide.  On Thursday, the resolution, which Rwanda and Germany authored, was approved by 84 ballots and opposed by 19, with 68 abstentions. It designates July 11 as the International Day of Remembrance of the Srebrenica Genocide.

Rosenberg: Putin’s military crackdown follows Prigozhin’s incitement

It is intriguing when a senior defence official is apprehended in Russia.  Five senior defence figures were restrained in less than a month, which is considered a purge.  Lt Gen Vadim Shamarin, the deputy chief of the army's general staff and director of the Main Communications Directorate of the Russian Armed Forces, is the most recent senior military official imprisoned.

West Ham worry Lucas Paquetá’s career may end if he breaks betting rules

West Ham is deeply concerned about the potential ramifications for Lucas Paquetá's career if he is found guilty of intentionally receiving a booking. The midfielder has been accused by the Football Association of violating betting regulations, a charge that, if proven, could lead to the termination of his career. The allegations against Paquetá, which are of a grave nature, involve him intentionally receiving yellow cards in matches against Leicester, Aston Villa, Leeds, and Bournemouth in 2022 and 2023. The FA, in a statement, has raised suspicions that the Brazil international was directly attempting to influence the progress, conduct, or any other aspect of these matches by intentionally seeking to receive a card from the referee for the improper purpose of affecting the betting market for one or more persons to profit from the booking.

Recent Comments