New Delhi: In the recently concluded G-7 summit, the member countries have announced to impose more stringent sanctions on Russia. To weaken Russia economically, the G-7 countries have announced a ban on Russian ships, aircraft, and Russian diamonds. At the same time, according to the report of the Economic Times, due to this new ban, the sword has started hanging on the employment of 10 lakh employees working in India’s diamond industry. About 90 percent of the world’s diamonds are cut and polished in India. Russian diamonds are also included in these diamonds.
A sword hangs over the employment of 10 lakh people
India imports diamonds from Alrosa in Russia. About 30 percent of the world’s total diamonds are produced in Alrosa. Indian diamond companies export imported diamonds to G-7 countries after cutting and polishing them. Vipul Shah, chairman of the Gem and Jewelry Export Promotion Council, has said that if the ban on Russia continues like this, then the employment of one million people in India will hang in the balance after the G-7 countries announced a ban on Russian diamonds.
Supply of diamonds affected
Let us tell you that the ban on Russian diamonds is being considered as a big blow for the diamond workers of Surat who are already struggling with the decline in demand and global economic recession. Due to the ban, the supply of rough diamonds has started getting affected, the effect of which is visible in the work of diamond traders. Vipul Shah said that since the demand is currently low, the industry has been able to manage with less supply. He said that trouble will come when there will be an increase in demand.
Russia earned $ 4 billion from diamond exports in the year 2021
Explain that in order to weaken Russia economically, western countries have been imposing economic sanctions on Russia since the beginning of the Ukraine war. Due to this ban, there has been a decline of about 50 percent in Russia’s revenue. But Russia tried to make up for the loss by increasing diamond exports. According to the report, in the year 2021, Russia earned about $ 4 billion only from diamond exports.
These countries have already banned the Russian Diamond Company
“We are working together to restrict the trade and use of diamonds mined or produced in Russia in order to reduce Russian revenues,” said a joint statement after the end of the G-7 summit in Hiroshima, Japan. Are. Let us inform you that America, Britain, Canada, New Zealand, and the Bahamas banned trade with Russian Diamond Minor Company Alrosa in April 2022.