MUMBAI: Amid persistent lobbying by Indian diamond houses and trade biggies like DeBeers, the European Union (EU) has deferred the start of a harsher sanctions regime on Russian diamonds by six months, to March 2025. A few other relaxations, like ring-fencing old stocks, announced by the European Commission, the executive arm of the EU, would…
Representative Image Less than a fortnight before the deadline to weed out Russian diamonds from the world’s affluent markets, a confused, volatile trade is feeling the pulls and pressures: a rigid rule pushed by Europe to probably regain its waning influence; the emerging voices of Africa and India opposing it; and, a new, different plan…
Representative image India has urged the Group of Seven (G7) countries to delay an incoming ban on Russian diamonds because the rules to trace the origins of gems remain unclear, two sources aware of the matter said. India, home to 90% of the world’s diamond cutting and polishing industry, is critical to the implementation of…
Group of Seven nations have agreed to ban Russian diamond imports from the start of next year in the latest move to curb Russia’s ability to fund its invasion of Ukraine. While the G-7 and its European allies have been trying to find additional ways to squeeze Russia’s economy to constrain its ability to fund…
Mumbai|Kolkata: The Office of Foreign Assets Control (OFAC), a US government arm, has, in the last couple of months, frozen about a dozen fund transfers worth nearly $26 million by multiple offshore firms belonging to Indian jewellers, for alleged import of rough diamonds mined in Russia. The entities that have been directly impacted are UAE…
