Restrictions on Russian gems export risk millions of jobs

(MENAFN) A news agency has declared that sanctions on shipments of Russian diamonds which the G7 nations have been thinking about for more than a year forms a threat to India's refining sector.

the outlet declared that the Indian diamond sector cuts and polishes nine out of ten diamonds on an international scale at a processing center in Surat. A possible restriction is massively effecting Surat's 4,000 diamond processing firms, which employ more than a million craftsmen, polishers, as well as traders, based on the industry specialists.

The city ships in no less than 35 percent of its gems from Russia's mining giant Alrosa, which contribute in 30 percent of international rough diamond production.

"If the sanctions continue, then there will be a lot of uncertainty in the employment of one million workers," declared the chairman of the Gem & Jewellery Export Promotion Council, Vipul Shah.


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