Russia’s Ambassador to India Denis Alipov has said that India should vie to become a global leader in the certification of diamonds to counter the G7 ban on Russian diamonds.
“The idea of a Vikasit Bharat (developed nation) is also about India becoming a rule-maker from a rule-consumer,” Alipov said in his keynote remarks at the Country Seminar on Russia at the Vibrant Gujarat Summit on Thursday.
Alipov stated that the sanctions against Russia have been imposed by Western countries not only on Moscow, but also on countries like India which have traditionally been big importers of Russian diamonds.
“The way forward is very clear in my opinion, which is to create our own rules to establish India as a leader in cut diamonds,” suggested Alipov.
The ambassador said that India’s potential status as a diamond certifier would also benefit Russia, the world’s biggest producer of rough diamonds.
Alipov noted that the state of Gujarat was the “core destination” for rough diamond exports by Russian mining company Alrosa.
He expressed confidence that the inauguration of the Surat Diamond Bourse, touted as the world’s largest office space, by Prime Minister Narendra Modi last month would help in “deepening” cooperation in diamond trade between the two nations.
Diamond industry insiders have previously told Sputnik India that the G7 ban mandated “routing” two-thirds of the global diamond production through Antwerp, Belgium, for validation.
India’s Ministry of External Affairs has expressed serious concerns over the G7 restrictions on Russian diamonds, given that they have fuelled India’s rise as the biggest exporter of cut and polished stone.
North-South Corridor More Important Due to Gaza Conflict
Alipov also said that the importance of the International North-South Transport Corridor (INSTC) has increased due to the conflict in Gaza.
“With the aggravation of the conflict in the Middle East, prospects for the India-Middle-East-Europe-Economic Corridor (IMEE-EC) don’t look very optimistic,” Alipov remarked.
On the other hand, Alipov noted that the INSTC has already become "operational".
“Practical steps have been taken by Russia, India and Iran in this regard. The Central Asian Republics (CAR) have also shown a great interest in this,” he said.
He said that the INSTC was a “promising route” to connect India to Europe through Iran and Central Asia. Alipov said that the state of Gujarat, home to India’s largest Mundra port, was poised to become a significant part of the INSTC.