G7 DIAMOND BAN HITS SURAT HARD

The Indian diamond industry, especially the world's largest diamond cutting and polishing centre in Surat, faces a significant setback following the unanimous decision by the G7 countries to impose a direct import ban on Russian diamonds from January 2024.

This decision, however, comes with a commitment from the G7 nations to develop a robust verification mechanism to halt the influx of Russian diamonds by September 2024.

Russia, renowned as the globe's foremost diamond producer, with annual diamond sales ranging between $4 billion to $4.5 billion, has been a vital source for Surat's diamond trade.

The rough diamonds from Russian mines, primarily operated by Alrosa, a state diamond mining company, have substantially benefited Surat.

Last year alone, Russia garnered around $4 billion from the diamond trade, contributing to the country's financial resources, including its military operations against Kyiv.