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G7 ready to allow Indian traders to buy rough diamonds from Russia — Economic Times

The G7 countries reportedly want to know how Indian buyers of Russian raw materials can continue importing from Russia, while at the same time minimizing the costs of sanctions

NEW DELHI, October 3. /TASS/. The countries of G7 have no objections to Indian diamond traders purchasing rough diamonds from Russia's Alrosa mines, but has drawn the line at accepting cut and polished Russian-origin stones of one carat and above, The Economic Times newspaper reported.

In late September, a high-powered delegation from G7 countries visited Mumbai and Surat to learn about the Indian gem and jewellery industry and explore ways to assist it in meeting G7 sanctions requirements, the newspaper said

According to Bharat Diamond Bourse President Anoop Mehta, the G7 countries want to know how Indian buyers of Russian raw materials can continue importing from Russia, while at the same time minimizing the costs of sanctions. It is planned that the parties will determine which of the protocols for tracking the origin of diamonds will be used in India's trade in Russian gems. It is planned that two more rounds of negotiations will take place between representatives of the G7 and the Indian side.

As previously reported, the G7 countries, as well as EU states, intend to completely ban the purchase of diamonds from Russia from January 2024. Last year, the United States introduced a ban on the import of uncut Russian diamonds, as well as diamonds cut in Russia. In early September, head of the European Council, Charles Michel, said that the EU was also working on sanctions against the Russian diamond industry. Belgium proposed a plan to track rough gemstones and their cutting.

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