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Jaishankar Raises India's Concerns over G7 Russian Diamond Ban with Belgium

© Photo : Twitter/@MEAIndiaJaishankar Raises India's Concerns over G7 Russian Diamond Ban with Belgium
Jaishankar Raises India's Concerns over G7 Russian Diamond Ban with Belgium - Sputnik India, 1920, 09.04.2024
Already reeling under the impact of western restrictions on Russian diamonds since last year, Indian polished diamond exporters fear a further slump in business due to the G7 sanctions which kicked in this year.
Indian External Affairs Minister (EAM) S Jaishankar has raised concerns over the fallout of G7 ban on Russian diamond imports with Belgium, according to a statement posted on X.
Jaishankar met Theodora Gentzis, the Secretary-General of the Belgian Foreign Ministry, in New Delhi on Tuesday.

“We discussed strengthening economic and political cooperation between India, Belgium and the EU. Took up the concerns of our diamond industry and exchanged views on semiconductors and green growth,” the top Indian diplomat said.

The meeting took place amid New Delhi's concerns over Western ban on rough diamond imports from Russia, the world's biggest diamond producer and the biggest source of raw material for India's thriving polished diamond industry.
Business in the Indian industry, which is majorly concentrated in the western city of Surat, had been affected by a US ban on Russian-origin diamonds last year.
This year, the G7 nations introduced an "import ban" on non-industrial diamonds mined, processed or produced in Russia as part of the 12th round of sanctions. Since March, the G7 ban has been expanded to cover Russian-origin diamond imports from third countries, putting the Surat industry in a fix.
Diamond industry experts have previously told Sputnik India that the G7 sanctions require "routing" over 60 percent of the polished and other diamond exports through Belgium to ensure that they didn't originate in Russia.
According to industry statistics, nearly 90 percent of the world's rough diamonds are polished and exported from Surat. The US has traditionally been the biggest market for diamonds polished in India.
Jaishankar said last week that Prime Minister Narendra Modi has himself been "monitoring" the impact of western sanctions, describing it as a "priority issue" for New Delhi.
The Indian foreign minister said that the import restrictions had hurt India.
“Their intention is to hurt Russia. But it doesn’t work that way. The producer usually finds a way. More than Russia, such steps tend to hurt those lower in the supply chain. Our efforts are aimed at softening, delaying or stopping that from happening. It’s a priority issue for us now,” Jaishankar told an industry event in Surat last week.
diamond - Sputnik India, 1920, 02.04.2024
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