Western nations are sending representatives to India, home to 90% of the world’s cutting and polishing of the rare gems, to discuss potential effects of any G7 restrictions on imports of rough Russian diamonds, two Biden administration officials said, Report informs referring to Reuters.
“There’s a trip next week to India, a number of countries are going to sort of verify certain elements of implementation. I think that will be really important to people’s decisions,” a senior official told Reuters.
A second US official said that representatives from the US and its allies from the G7 group of most industrialized countries, as well as Belgium, will travel to Mumbai and Surat, a city where about 80% of the world’s diamonds are polished.
The G7 countries are working on a tracing system that would allow them to block imports of stones mined in Russia, the world’s largest producer of rough gems.
The plan could transform the global diamond supply chain, but implementation will depend heavily on India, whose diamond industry employs millions of people.