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India Entitled to Retaliate Against G7 Over Russian Diamond Ban

© AP Photo / Alastair Grantdiamond
diamond  - Sputnik India, 1920, 10.05.2024
During a meeting in New Delhi in April of this year, India's Foreign Minister S. Jaishankar expressed his concerns to Theodora Gentzis, the Secretary-General of the Belgian Foreign Ministry, regarding the G7 ban on Russian diamonds.
Federal Commerce Minister Piyush Goyal stated that Prime Minister Narendra Modi has consistently supported the diamond industry's interests. He stressed that India retains the right to retaliate against the G7 if the issue of the ban on Russian diamonds is not resolved in the country's favor.
The remarks from the commerce minister came during his address at Bharat Diamond Bourse.
“There are concerns about revealing trade secrets, increasing costs if Indian polished diamonds have to be routed through Belgium to verify if they are Russian-origin. PM Modi has asked us to escalate it with EU,” Goyal said on G7 ban on Russian diamond.
He went on to say that, under the leadership of PM Modi, the government has created policies that offer incentives for lab-grown diamonds.
“Attempts are being made to weaken the diamond industry of India in the garb of Russia-Ukraine conflict as traders were forced to send their diamonds to Belgium to certify whether it’s of Russian origin or not but PM Modi asked me to take action on it,” Goyal stated.
The minister told the gathering that he along with Foreign Minister S. Jaishankar and Minister of State in the Ministry of Skill Development and Entrepreneurship and Electronics and Information Technology Rajeev Chandrasekhar met Belgium's Prime Minister Alexander De Croo and raised India's concerns.
“PM Modi also asked me to take up the issue with the EU and tell that if Indian diamond industry will suffer then we reserve right to retaliate against the G7 ban on Russian diamond,” the Federal Commerce Minister said.
Goyal highlighted that this is the approach by the "New India" in its engagements with other nations. He stated that India, under the leadership of Prime Minister Narendra Modi, has been focused on strengthening its relationships.
Jaishankar Raises India's Concerns over G7 Russian Diamond Ban with Belgium - Sputnik India, 1920, 09.04.2024
Indo-Russian Relations
Jaishankar Raises India's Concerns over G7 Russian Diamond Ban with Belgium
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