India’s diamond sector is facing increased scrutiny as it navigates G7 sanctions targeting Russian goods. The Gem and Jewellery Export Promotion Council (GJEPC) has issued a warning to its 7,500 members, emphasizing the need for meticulous record-keeping to ensure compliance with the new regulations.
Effective from March 1st, the sanctions prohibit the import of Russian diamonds weighing 1.0 carats or more, irrespective of where they are processed. This threshold is set to decrease to 0.50 carats by September 1st.
The GJEPC executive director stressed the importance of adhering to these guidelines when shipping to G7 nations, despite the fact that only a small fraction of rough diamonds entering India originates from Russia.
Colin Shah, managing director of Kama Jewelry, echoed this sentiment, highlighting the necessity of maintaining comprehensive records to meet the stringent compliance standards introduced under the new regime. He noted that while direct imports of Russian diamonds to India are minimal due to banking restrictions, strict adherence to regulations remains imperative.
