Russia Prioritizes National Interests in Response to Sanctions Against Its Diamonds
© AP Photo / Alastair Grantdiamond
© AP Photo / Alastair Grant
Western sanctions against the Russian diamond industry could have significant implications for India, particularly regions like Gujarat, which are major hubs for diamond trading.
Russia will consider its own national interests when working out a response to European sanctions against Russian diamonds, the director of the First European Department of the Russian Foreign Ministry, Artyom Studennikov, told Sputnik.
"We are consistently guided by the tasks of effectively ensuring the national interests of our country and the sustainability of the global diamond industry as a whole when making decisions on the response to unfriendly steps", Studennikov said.
Belgium will lose its status as a global diamond trading centre after imposing sanctions on Russian diamonds, he added.
Impact of Sanctions Against Russian Diamonds on India
Earlier, the Diamond Workers Union of Gujarat, representing millions of Indian diamond industry workers, passionately called on the G7 to reconsider its restrictions on Russian diamond trade.
Highlighting the detrimental impact of the "partial ban" on Russian diamonds imposed by the G7, which also includes European countries, the union emphasized the alarming rise in job losses among Indian workers.
India plays a dominant role in the global diamond industry. Nearly 90% of diamonds worldwide are cut and polished within India's borders, with Gujarat, particularly the city of Surat, serving as a cornerstone in this intricate supply chain.
Almost a third of the diamonds imported to Gujarat originate in Russia, underscoring the significance of Russian diamonds in India's diamond trade.
Despite the Western restrictions on Russian diamonds, India's import of them surged by an astonishing 35% in the first half of 2023, reaching a staggering $616 million this year.