BECKS
advertisement
BECKS
advertisement
BECKS
advertisement
Goto your account
Search Stories by: 
and/or
 

News












The Gem and Jewellery Export Promotion Council (GJEPC) has encouraged more than 7,500 members to keep ‘meticulous’ records to avoid violating sanctions against Russian diamonds. | Source: Mail & Guardian
The Gem and Jewellery Export Promotion Council (GJEPC) has encouraged more than 7,500 members to keep ‘meticulous’ records to avoid violating sanctions against Russian diamonds. | Source: Mail & Guardian

Sanctions looming: Indian diamond companies issued warning

Companies in India have been cautioned about the flow-on impact of sanctions against the Russian diamond industry.

The Gem and Jewellery Export Promotion Council (GJEPC) has encouraged more than 7,500 members to keep ‘meticulous’ records to avoid violating sanctions against Russian diamonds.

New restrictions were introduced on 1 March, prohibiting the import of diamonds sourced from Russia above 1 carat. In September, the prohibition extends to diamonds between .5 and 1 carat.

Colin Shah, chairman GJEPC
Colin Shah, chairman GJEPC
"To the best of our knowledge, barely any Russian diamonds are coming to India - at least, not directly, as the banks would not clear the payments."
Colin Shah, GJEPC

Former GJEPC chairman Colin Shah told the Times of India that he believes these sanctions may lead to a stronger shift towards lab-created diamonds. 

"To the best of our knowledge, barely any Russian diamonds are coming to India - at least, not directly, as the banks would not clear the payments," he said.

"Despite that, one has to carefully maintain detailed records to meet the compliance standards under the new regime."

He added: "It doesn't bode too well for the natural diamond world. In fact, since cost and turnaround time could rise, there would be some more shift towards lab-grown diamonds."

Several international trade associations recently published an open letter calling for the G7 to consider the broader impact of incoming sanctions against the Russian diamond industry.

In February, De Beers CEO Al Cook expressed concern about the ‘unintended consequences’ of incoming sanctions.

More reading
Industry associations express concern about diamond sanctions
Russian diamonds: Sales rise despite sanctions
Conflict in Ukraine: Russian diamond sanctions saga continues
Unintended consequences: Russian diamond sanctions questioned
Ukraine conflict: European Union hits Alrosa CEO with sanctions

 











Stones & Silver
advertisement





Read current issue

login to my account
Username: Password:
Ellendale Diamonds Australia
advertisement
World Shiner
advertisement
Jeweller Magazine
advertisement
© 2024 Befindan Media