Indian exports shielded from G7 ban on Russian diamonds

A decision by the Group of Seven (G7) nations to ban imports of polished diamonds made from Russian rough stones from early next year will not hurt Indian diamantaires, a senior government official said on Friday.

- Rhik Kundu & Dhirendra Kumar

The local industry has been worried that the ban-a part of international measures against Russia for its invasion of Ukraine could have major repercussions for exports of the stones, with the US being India's biggest market.

India, which cuts 14 out of 15 of the world's rough diamonds, according to government data, does not import the stones directly from Russia but sources them from hubs like Antwerp and Dubai.

"There should be control over rough diamonds coming from Russia, but as long as diamonds are processed in India, there should not be further checks (or double checks) as we can maintain tracking of rough diamonds," the official said, requesting anonymity.