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.
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.
India Defies G7 Pressure
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.