Shree Ram Krishna Exports Refutes Ukraine’s ‘International War Sponsor’ Allegations
The allegations stem from purported commercial dealings involving rough diamonds with Russia in 2023. SRK has firmly asserted that these allegations are devoid of any factual basis and appear to be part of a broader agenda to tarnish India's diamond industry.
Surat : Shree Ram Krishna Exports Pvt. Ltd (SRK), a prominent player in India’s diamond industry, has vehemently refuted allegations made by Ukraine’s National Agency on Corruption Prevention, categorizing the company as an “International War Sponsor.”
The allegations stem from purported commercial dealings involving rough diamonds with Russia in 2023. SRK has firmly asserted that these allegations are devoid of any factual basis and appear to be part of a broader agenda to tarnish India’s diamond industry.
Recent claims of supporting the Ukraine war have caused significant consternation within the Indian diamond community. The allegations specifically target SRK, a company with a legacy spanning nearly six decades in the global natural diamond industry.
Ukraine’s National Agency on Corruption Prevention alleged that SRK substantially increased its purchases of diamonds from Russia in 2023, comparing it to 2021 figures. According to the agency, SRK procured $132 million worth of Russian diamonds in the first half of 2023, compared to $59 million in all of 2021.
SRK has firmly maintained its innocence in this matter and stressed that it is unjustly caught in the web of global geopolitics, misinformation, and groundless accusations. The company has asserted its commitment to principles of transparency, integrity, and ethical conduct throughout its illustrious history.
Moreover, SRK has emphasized its unequivocal stance on peace and harmony, distancing itself from any form of endorsement or support for conflicts or wars worldwide. The company has consistently operated within the framework of national and international guidelines, complying with all regulations issued by entities such as the United Nations and OFAC. It exclusively sources rough diamonds from countries participating in the Kimberley Process, ensuring a certified origin.
Importantly, SRK has stated that it has never engaged in transactions with entities or individuals sanctioned by the UN, US, India, or OFAC involved in any form of conflict. The company’s record of responsible business practices speaks for itself.
The repercussions of Ukraine’s allegations against SRK are expected to have far-reaching impacts on the diamond industry in Surat, particularly in the United States. The G7 countries announced at the Hiroshima Summit earlier this year their intentions to “restrict trade in and use of diamonds mined, processed or produced in Russia” and introduce “tracing technologies” to determine diamond origins.