G7 Diamond Ban: GJEPC Raises Concerns, Seeks Flexibility

Mumbai, Dec 7 (PTI) The Gem and Jewellery Export Promotion Council (Gjepc) on Thursday raised concerns on G7 decision to impose a ban on direct imports of Russian-origin diamonds from January 1, 2024, and urged for more flexibility in these timelines.

"The recent statement from G7 leaders, informing of a decision to impose direct import restrictions on Russian-origin diamonds effective January 1, 2024, and on diamonds processed by third countries from March 1, 2024, while not surprising, raises valid concerns for the Indian gems and jewellery trade," GJEPC chairman Vipul Shah said in a statement.

He said the apex industry body had engaged with the G7 to discuss such sanctions and their implementation.

"We have reservations on the timelines announced for the implementation of restrictions. Recognising the diversity of our industry, we believe there should be more flexibility in these timelines," Shah noted.

On Wednesday, G7 leaders decided to introduce import restrictions on non-industrial diamonds, mined, processed, or produced in Russia, by January 1, 2024, followed by further phased restrictions on the import of Russian diamonds processed in third countries targeting March 1, 2024, they said in a statement on Wednesday.

While respecting the G7's decision, GJEPC would like more details on the implementation of the decisions, Shah said.

"We have questions about what is meant by a major rough diamond importer in the G7 and the powers it will have in determining the compliance of Indian diamond exports to the G7," he stated.

Shah said the apex industry body is happy that the G7 will remain engaged with GJEPC as diamond manufacturers.

GJEPC will strongly advocate that when regulating the sanctions the interests of SMEs and marginal diamond units should be kept in mind, recognising their active contribution to this industry and the millions of livelihoods, which are dependent on it, Shah said.

"We will also be discussing with the World Diamond Council (WDC) and aligning all stakeholders to ensure that their businesses are not disrupted. We are also making representations to the Indian government, and are confident that our leadership will ensure that the interests of the Indian trade are not compromised in any way," he added.

The GJEPC is the apex body of the gems and jewellery industry and represents over 9,000 members in the sector.