(MENAFN) India's Foreign Minister, Subrahmanyam Jaishankar, has voiced concerns over the adverse effects of Western sanctions targeting Russian diamond exports, emphasizing the potential impact on India's diamond industry. In response to a direct European Union and G7 ban on Russian diamonds, which came into effect in January followed by phased-in restrictions on indirect imports via third states starting March 1, Jaishankar outlined India's efforts to prevent or mitigate the ban's implementation. Speaking during a visit to Surat, India's prominent diamond processing hub, Jaishankar highlighted the significance of finding a solution to this pressing issue, acknowledging the potential repercussions for local diamond cutters.
Surat, often referred to as 'Diamond City,' plays a pivotal role in the global diamond trade, with approximately 90% of the world's rough diamonds being cut and polished there before entering international markets. Jaishankar underscored that while the ban primarily targets Russia, the world's largest producer of rough diamonds by volume, Indian Prime Minister Narendra Modi has raised concerns with heads of state, including those from affected countries like Belgium. He emphasized ongoing discussions at both collective and bilateral levels to address the situation.
Highlighting the urgency of the matter, Jaishankar revealed recent interactions between Prime Minister Modi and Belgian Prime Minister Alexander De Croo, with plans for further engagement by Union Commerce Minister Piyush Goyal in the coming days. India's proactive stance underscores the importance of safeguarding the interests of its diamond industry amidst evolving geopolitical dynamics and escalating tensions between Western nations and Russia over the conflict in Ukraine.
As India navigates the complexities of global trade and diplomacy, efforts to mitigate the impact of sanctions on its diamond sector serve as a testament to the country's commitment to safeguarding its economic interests while engaging constructively with the international community. The ongoing discussions and diplomatic initiatives reflect India's proactive approach in seeking viable solutions to address the challenges posed by the imposition of Western sanctions on Russian diamond exports.
MENAFN03042024000045015687ID1108053082
Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.