G7: This decision against Russia but millions of people of India will be affected, know how

G7 Ban On Russian Diamond: During the G7 Summit held in Hiroshima, Japan, the member countries have announced a ban on Russian diamonds while imposing strict sanctions on Russia. Apart from this, he has also banned Russian ships and aircraft. The effect of this decision of G7 member countries will also be seen on India’s diamond market.

The G7 decision to impose fresh sanctions on Russian diamonds has reportedly put the jobs of around one million diamond workers in Surat at risk. According to an Economic Times report, 9 out of 10 diamonds in the world are cut and polished in India. Indian traders import Russian diamonds from diamond mining company Alrosa. This company holds 30 percent stake in the production of rough diamonds in the global world.

The ban on Russian diamonds is a blow
Since attacking Ukraine last year, the G7 countries have been imposing several sanctions on Russia one after the other. Already a drop in demand and now the ban on Russian diamonds is a blow to Surat’s diamond craftsmen. Due to the sanctions, the supply of diamonds has been affected, due to which the work of diamond traders has been affected.

However, the report quoted Vipul Shah, chairman of the Gem and Jewelery Export Promotion Council (GJEPC), as saying that the demand for diamonds is currently low, so the industry is able to manage with less supply. According to Chairman Vipul Shah, the problem will arise when the demand for diamonds will increase further.

target tax
After the recent G7 meeting in Japan, the group said in a statement that it aims to target taxes arising from Russia’s diamond exports. The G7 group said that it will continue to work together to restrict the trade and use of diamonds mined, processed or produced in Russia and will engage with key partners to ensure that future restrictive measures are amplified.