G7 representatives have completed a fact-finding mission to explore how India’s diamond industry can comply with forthcoming sanctions on Russian stones.
They aim to cause “minimal or no disruption to the sector”, according to a statement issued issued by the Gem & Jewellery Export Promotion Council (GJEPC), which hosted the delegation.
G7 members – Canada, France, Germany, Italy, Japan, the United Kingdom, the US (and the EU) – which account for 70 per cent of global diamond sales, are expected to announce sanctions in the coming weeks, to take effect on 1 September.
Delegates visited Mumbai and Surat during a three-day trip that ended on Friday (29 September).
They met small-scale diamond traders at the Mumbai Diamond Merchants’ Association and visited the Precious Cargo Customs Clearance Centre in Mumbai.
They also visited the new Surat Diamond Bourse, and met representatives of large, medium and micro diamond processing units, as well as Ministry of Commerce officials, the GIA laboratory at Mumbai and jewelry manufacturers at SEEPZ Special Economic Zone.
The GJEPC said it had reaffirmed its commitment to addressing the G7’s concerns over compliance.
The G7 delegation included members of the U.S. State Department, U.S. Department of Treasury, European Commission, Prime Minister’s office of Belgium, Foreign Trade Department of Belgium, and the Japan Embassy in India.