India is now importing mote diamonds from Russia than before the invasion of Ukraine and the introduction of US sanctions, according to the GJEPC (Gems and Jewellery Export Promotion Council).
It bought $818m in 2022-23, compared to $855.83 in 2021-22, an increase of just under eight per cent.
India relies heavily on Russian imports, especially of smaller stones. Banking restrictions are forcing manufacturers to use banks in Russia that accept payments in rupee.
“Import of rough from UAE and Belgium has dropped and possibly due to that there is a rise in import of rough from Russia during the last financial year,” Vipul Shah, GJEPC chairman, told The Times of India.
“But this year, the situation will be different due to the slowdown.”
Disclaimer: This information has been collected through secondary research and TJM Media Pvt Ltd. is not responsible for any errors in the same.
