India, home to 90% of the world's diamond cutting and polishing industry, and De Beers, the top global rough diamonds producer by value, are seeking clarity and flexibility from G7 countries in implementing a ban on imports of Russian gems.
The implementation will depend heavily on India, which wants to minimise potential disruptions for small diamond firms employing millions of people.
“We are not happy with the announced timeline for implementation of restrictions,” said Vipul Shah, chairman of the Gem Jewellery Export Promotion Council (GJEPC), a leading Indian trade body.
The G7’s plan has sparked a debate inside the sector as it risks complicating supply chains when demand is under pressure.
Some in the industry are concerned that this would create supply chain bottlenecks, additional costs and hamper African production’s access to the G7 markets.
“It is currently unclear what exactly will be involved at each stage, so we will seek further clarification before being able to consider impacts,” De Beers, a unit of Anglo American (AAL.L), said.
“If the intent is to apply a purely technological certification system and to channel all rough imports to the G7 through Belgium, this will be to the detriment of responsible African producers, to all those who depend on the artisanal mining sector, and to the wider industry,” De Beers added.
The original article contains 415 words, the summary contains 178 words. Saved 57%. I’m a bot and I’m open source!
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The implementation will depend heavily on India, which wants to minimise potential disruptions for small diamond firms employing millions of people.
“We are not happy with the announced timeline for implementation of restrictions,” said Vipul Shah, chairman of the Gem Jewellery Export Promotion Council (GJEPC), a leading Indian trade body.
The G7’s plan has sparked a debate inside the sector as it risks complicating supply chains when demand is under pressure.
Some in the industry are concerned that this would create supply chain bottlenecks, additional costs and hamper African production’s access to the G7 markets.
“It is currently unclear what exactly will be involved at each stage, so we will seek further clarification before being able to consider impacts,” De Beers, a unit of Anglo American (AAL.L), said.
“If the intent is to apply a purely technological certification system and to channel all rough imports to the G7 through Belgium, this will be to the detriment of responsible African producers, to all those who depend on the artisanal mining sector, and to the wider industry,” De Beers added.
The original article contains 415 words, the summary contains 178 words. Saved 57%. I’m a bot and I’m open source!