India aims to become the primary checkpoint for verifying diamonds entering G7 countries, a role currently held by Belgium, reports IDEX Online.
According to a report from moneycontrol.com, India’s significant role in importing and processing rough diamonds makes it a natural choice for this responsibility. The report, published on July 15, highlights opposition from stakeholders in Africa, India, De Beers, and other industry giants against Antwerp being the exclusive entry point.
Originally scheduled to begin on September 1, 2024, the implementation of a certification mechanism has been postponed to March 1, 2025. This delay comes amidst concerns within the diamond industry.
Moneycontrol.com notes that the new regulations will mandate detailed tracking of diamond origins under Antwerp’s oversight. However, India’s diamond sector strongly advocates for India to lead as the key nodal checkpoint for diamond verification.
In related developments reported by IDEX Online, India’s diamond industry is urging the government to enable direct payments to Russia. This move aims to streamline procurement of goods sanctioned by G7 countries following the US ban on dollar payments post Russia’s invasion of Ukraine. Currently, transactions are routed through China, but industry leaders seek a more direct and cost-effective alternative. They have called on Prime Minister Narendra Modi to address these concerns during his recent visit to Russia.
