Sunday, July 21, 2024

Business Matters | How will the West’s upcoming sanctions impact India’s diamond industry?

How will the West’s upcoming sanctions impact India’s diamond industry?

The G7 group of nations has been making several statements in recent weeks on wishing to control diamond trade globally. How big is the Indian diamond industry?

Government data shows that India is the leader in cut and polished diamonds. India processes more than 90% of the diamonds used in jewellery worldwide. Indian exports of finished diamonds come to $23 billion annually. The diamond sector in India employs 1 million people directly. It indirectly impacts 5 million jobs.

Russian firm Alrosa sells up to $4 billion worth of diamonds every year. US and G7 have been working to see how they could cut off Russian supplies and nullify revenue to them. The US Treasury Department had earlier said that anyone dealing with Alrosa would face criminal charges.

How will the West’s imminent sanctions impact India’s diamond industry?

Script and presentation: K. Bharat Kumar

Production: Shibu Narayan

Videography: Johan Sathyadas

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