US Diamond Sanctions Bite in India

By John Jeffay / May 08, 2022 / www.idexonline.com / Article Link

(IDEX Online) - Diamond sanctions are beginning to bite in India, as US buyers demand guarantees that polished stones were not mined in Russia, according to news reports.The US outlawed rough, gem-quality diamonds shortly after the invasion of Ukraine in February, but the ban does not cover stones that are "substantially transformed" - namely cut and polished - elsewhere.However, manufacturers in Surat say US clients are threatening to cease trading with them if they sell polished diamonds that originated in Russia.Indian diamond trader Naimesh Pachhigar told New Indian Express: "The US government has issued a circular to local American traders asking them to check the origin of diamonds before buying or selling them."The circular states that if the origin of the diamonds is Russia, then don't accept them."He said all traders in the country had been hit by rough shortages since the war.Dinesh Navadiya, Gujarat region chairman of the GJEPC (Gem Jewellery Export Promotion Council) said: "American buyers have refused to buy finished diamonds that started as raw ones mined in Russia." 

Recent News

Crypto market size continues to catch up with gold

November 18, 2024 / www.canadianminingreport.com

Crypto stealing some of gold's thunder

November 18, 2024 / www.canadianminingreport.com

Gold stocks drop on metal price decline

November 11, 2024 / www.canadianminingreport.com

US a major market for Canadian mineral exports

November 11, 2024 / www.canadianminingreport.com

Gold stocks down along with broad equities decline

November 04, 2024 / www.canadianminingreport.com
See all >
Share to Youtube Share to Facebook Facebook Share to Linkedin Share to Twitter Twitter Share to Tiktok