According to the GJEPC, India is currently purchasing more diamonds from Russia than it did before the invasion of Ukraine and the imposition of US sanctions.
It spent $818 million in 2022–2023 compared to $855.83 in 2021–2022, an increase of just under 8%.
Russia is a major source of imports for India, particularly for smaller stones. Manufacturers are compelled to use Russian banks that accept rupee payments due to banking limitations.
According to Vipul Shah, the chairman of the GJEPC, “Import of rough from UAE and Belgium has dropped, possibly as a result of that there is a rise in import of rough from Russia during the last financial year.”
But this year, because of the slump, things will be different.