Russian Diamond Imports ROUGH DIAMOND IMPORT DOWN BY 8% OWING TO G7-EU BAN: GJEPC

The phased ban on the import of Russian diamonds imposed by the G7 nations and the EU has thrown the global industry out of gear - India is particularly concerned as the livelihood of millions of people might be impacted. Vipul Shah, Chairman, GJEPC, talks to Suneeta Kaul about the steps that are being taken to address the challenges and mitigate the situation

- Suneeta Kaul

The Gem and Jewellery Export Promotion Council (GJEPC) is highly concerned about the ban on Russian diamond imports by the G7 bloc and the European Union (EU). The ban presents challenges such as supply chain disruption, cost escalation, delivery delays, logistics and procedural problems, and so forth. Vipul Shah, Chairman, GJEPC, talks about the steps that the Government of India and the Council itself are taking to address the challenges.

The G7/EU must adopt a practical approach to implementing the sanctions on Russian diamonds. It's essential to establish a uniform set of customs practices, language, and procedures across G7/EU nations to ensure smooth clearance of shipments. Collaboration with industry stakeholders and understanding the specific requirements is crucial.

Q. How has GJEPC been preparing for the new sanctions on Russian diamonds, particularly regarding the export and import requirements set by G7 nations?

A. The GJEPC has proactively addressed the sanctions imposed by the G7 and EU. We have disseminated advisory notices to ensure that members remain well-informed about the dynamic changes in regulations affecting the diamond trade. Through engagement with international bodies, the GJEPC demonstrates a strong commitment to understanding the implications of these sanctions and looking for an equitable solution. Moreover, GJEPC is actively collaborating with the Indian government to seek clarity from the EU/G7 on pressing issues, and is advocating for the establishment of a Rough Diamond Import Node within India.

Q. What challenges do you anticipate encountering in ensuring compliance with the new regulations, especially concerning the documentation and certification of diamond origins?