India Calls on G7 to Delay Import Restrictions on Diamonds from Russia

India has urged the Group of Seven (G7) nations to postpone their decision to ban imports of diamonds from Russia due to unclear rules concerning the traceability of these gems. This was reported by Reuters, citing sources.

According to one source from the agency, "Imposing restrictions on indirect imports from Russia in a timeframe of three to four months is impractical, as the rules for tracing the origin of precious stones are unclear." The G7 nations had earlier announced that they would impose a ban on imports of diamonds from Russia starting January 1, 2024.

According to the announcement, the G7 will also establish a phased ban on imports of Russian diamonds from third countries and will create a robust mechanism for the verification and certification of uncut diamonds by September 1.