Diamond companies in India have been warned they must keep “meticulous” records to comply with G7 sanctions on Russian goods.
The Gem and Jewellery Export Promotion Council (GJEPC) has told its 7,500 members to make sure they have documentary evidence that diamonds are not of Russian origin.
New restrictions brought in on 1 March outlaw all Russian diamonds of 1.0-cts or above, regardless of where they are cut and polished. The threshold drops to 0.50-cts on 1 September.
“We strongly urge all members to review the guidelines meticulously and exercise utmost caution when dispatching shipments to G7 countries,” GJEPC executive director told The Economic Times.
That’s despite the fact that only a small proportion of rough entering India is from Russia.
“To the best of our knowledge, barely any Russian diamonds are coming to India – at least, not directly as the banks would not clear the payments,” said Colin Shah, managing director of Kama Jewelry.
“Despite that one has to carefully maintain detailed records to meet the compliance standards under the new regime.”
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