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Companies in India have been cautioned about the flow-on impact of sanctions against the Russian diamond industry.
The Gem and Jewellery Export Promotion Council (GJEPC) has encouraged more than 7,500 members to keep ‘meticulous’ records to avoid violating sanctions against Russian diamonds.
New restrictions were introduced on 1 March, prohibiting the import of diamonds sourced from Russia above 1 carat. In September, the prohibition extends to diamonds between .5 and 1 carat.
Former GJEPC chairman Colin Shah told the Times of India that he believes these sanctions may lead to a stronger shift towards lab-created diamonds.
“To the best of our knowledge, barely any Russian diamonds are coming to India – at least, not directly, as the banks would not clear the payments,” he said.
“Despite that, one has to carefully maintain detailed records to meet the compliance standards under the new regime.”
He added: “It doesn’t bode too well for the natural diamond world. In fact, since cost and turnaround time could rise, there would be some more shift towards lab-grown diamonds.”
Several international trade associations recently published an open letter calling for the G7 to consider the broader impact of incoming sanctions against the Russian diamond industry.
In February, De Beers CEO Al Cook expressed concern about the ‘unintended consequences’ of incoming sanctions.
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