The G7 countries are considering the introduction of sanctions on diamonds supplied by the Russian diamond mining company Alrosa, sources told The Economic Times of India. It is not yet known in what form the sanctions will be implemented, but “it is already clear that they will start with large diamonds”.
India, the world center for diamond cutting, is waiting for the announcement of these sanctions until the beginning of May, on the eve of a jewelry exhibition in Las Vegas.
Alrosa accounts for about a third of the world’s supply of diamonds, and their value is estimated at $2.5B. The company is under US and UK sanctions.
However, India is still allowed to export stones from Russia to the US and other G7 countries after significant transformation, including changes to the international Harmonized System of six-digit code classification for the stones. India hopes that the G7 will reconsider its plans.