G7 Ban On Russian Diamond: During the G7 Summit held in Hiroshima, Japan, the member countries have announced a ban on Russian Diamond while imposing strict sanctions on Russia. Apart from this, he has also banned Russian ships and aircraft. The effect of this decision of G7 member countries will also be seen on India’s diamond market.
The G7 decision to impose fresh sanctions on Russian diamonds has reportedly put the jobs of around one million diamond workers in Surat at risk. According to an Economic Times report, 9 out of 10 diamonds in the world are cut and polished in India. Indian traders import Russian diamonds from diamond mining company Alrosa. This company holds 30 percent of the rough diamond production in the global world.
The ban on Russian diamonds is a blow
Since attacking Ukraine last year, the G7 countries have been imposing several sanctions on Russia one after the other. Already a drop in demand and now the ban on Russian diamonds is a blow to Surat’s diamond craftsmen. The sanctions have affected the supply of diamonds, affecting the work of diamond traders.
After the recent G7 meeting in Japan, the group said in a statement that it aims to target tax revenue arising from Russia’s diamond exports. have to. The G7 group said that it will continue to work together to restrict the trade and use of diamonds mined, processed or produced in Russia and will engage with key partners to ensure that future restrictive measures are amplified.
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