https://sputniknews.in/20231023/india-sets-diamond-import-record-in-month-with-215mln-purchase-from-russia-5017952.html
India Sets Diamond Import Record in Month with $215Mln Purchase from Russia
India Sets Diamond Import Record in Month with $215Mln Purchase from Russia
Sputnik India
India imported diamonds worth $215 million from Russia in the month of August, according to data published by India’s Ministry of Commerce and Industry.
2023-10-23T14:09+0530
2023-10-23T14:09+0530
2023-10-23T14:09+0530
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India imported $215 million worth of diamonds from Russia in August, according to the Indian Ministry of Commerce and Industry.In March 2018, India bought Russian diamonds worth $481 million, official estimates have shown.Moreover, India’s diamond imports from Russia this year to August are around $863m, almost 30 per cent higher than in the first eight months of 2022.India Defies G7 PressureA G7 delegation comprising US Treasury Department and EU officials visited India last month to assess the impact of western restrictions on Russian-origin diamonds.India is responsible for cutting and polishing about 90 percent of the world's diamonds, which are then re-exported to various countries, with a particular focus on G7 nations like the United States and the European Union.Russia accounts for nearly 30 percent of India’s overall rough diamond exports.According to reports, the G7 nations are now contemplating the introduction of sanctions on Russian-sourced diamonds as part of the 12th round of sanctions' package against Moscow over its special military operation in Ukraine.
https://sputniknews.in/20230928/indian-diamond-workers-urge-g7-to-lift-restrictions-on-russian-diamonds-4492572.html
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India Sets Diamond Import Record in Month with $215Mln Purchase from Russia
The record figures come against the backdrop of continued pressure from the G7 on India to reduce its imports of Russian diamonds.
India imported $215 million worth of diamonds from Russia in August, according to the Indian Ministry of Commerce and Industry.
India's purchases of Russian diamonds in August were the highest since March 2018, according to a Sputnik analysis of official data.
In March 2018, India bought Russian diamonds worth $481 million, official estimates have shown.
Moreover,
India’s diamond imports from Russia this year to August are around $863m, almost 30 per cent higher than in the first eight months of 2022.
Diamond imports from Russia to New Delhi have experienced an impressive surge, skyrocketing by an average of 400 percent every month compared to the previous year.
A G7 delegation comprising
US Treasury Department and
EU officials
visited India last month to assess the impact of western restrictions on Russian-origin diamonds.
India is responsible for cutting and polishing about 90 percent of the world's diamonds, which are then re-exported to various countries, with a particular focus on G7 nations like the United States and the European Union.
Russia accounts for nearly 30 percent of India’s overall rough diamond exports.
According to reports, the G7 nations are now contemplating the introduction of
sanctions on Russian-sourced diamonds as part of the 12th round of sanctions' package against Moscow over its special military operation in Ukraine.
