GJEPC Raises Concerns Over G7 Restrictions on Russian-Origin Diamonds

Surat : The Gems and Jewellery Export Promotion Council (GJEPC), representing the apex body of India’s diamond and jewellery sector, has expressed apprehensions regarding the decision by G7 countries to impose direct import limitations on Russian-origin diamonds starting January 1, 2024. Additionally, restrictions on diamonds processed by third countries, notably India, are slated to take effect from March 1, 2024.

Vipul Shah, Chairman of GJEPC, conveyed the industry’s concerns regarding the strict timelines set for the implementation of these restrictions. Shah stressed the need for greater flexibility in the proposed timelines, acknowledging the diverse nature of India’s diamond industry.

“The G7’s decision to impose restrictions has raised valid concerns within the Indian Gems and Jewellery trade. While we respect their decision, we seek further clarity on the implementation process,” stated Shah. He highlighted the need for detailed insights into the definition of a “major rough diamond importer” within the G7 and its authority in overseeing compliance with the diamond export norms from India to the G7 nations.

Shah emphasized the importance of ongoing engagement between GJEPC and the G7, advocating for the consideration of small and medium-sized enterprises (SMEs) and marginal diamond units in the implementation of these sanctions. Recognizing their substantial contributions to the industry and the livelihoods they support, Shah underscored the need to safeguard their interests.

Furthermore, GJEPC aims to collaborate with the World Diamond Council (WDC) and other stakeholders to ensure minimal disruption to businesses and align strategies to navigate through these restrictions without compromising the industry’s integrity.

Shah affirmed GJEPC’s active engagement with the Indian Government, expressing confidence in the government’s leadership to safeguard the interests of the Indian diamond trade and prevent any compromises.

The industry’s collective efforts aim to foster dialogue, seek clarification, and advocate for measures that balance regulatory requirements with the preservation of the industry’s vitality and the millions of livelihoods dependent on it.