Maintaining the interests of the Indian trade! : GJEPC
While not surprising, the recent statement from G7 leaders informing of a decision to impose direct import restrictions on Russian-origin diamonds beginning January 1, 2024, and on diamonds processed by third countries beginning March 1, 2024, raises valid concerns for the Indian Gems and Jewellery trade. We had met with the G7 to discuss such sanctions and how they would be implemented.
We have misgivings about the indicated timelines for implementing restrictions. Given the variety of our sector, we feel these deadlines should be more flexible.
While we appreciate the G7 decision, we would like more information on how such decisions would be carried out. We are unsure what is meant by a G7 significant raw diamond buyer and what powers it will have in judging the compliance of Indian diamond shipments to the G7.
We are pleased to report that the G7 will continue to work with us as diamond manufacturers. GJEPC would aggressively argue that when regulating sanctions, the interests of SMEs and marginal diamond units be taken into account, recognizing their active contribution to this industry and the millions of livelihoods that rely on it. We will also consult with WDC and coordinate with other stakeholders to ensure that their companies are not interrupted.
We are also making representations to the Indian Government, and we are convinced that our leadership will ensure that the Indian trade’s interests are not jeopardized in any manner.