India announced problems for 3 million workers in case of sanctions against ALROSA

Diamonds from RUSSIA go to India for polishing and cutting. If G7 sanctions are imposed against ALROSA, the largest Russian diamond mining company, "uncertainty" awaits three million Indian workers,

Sanctions against the Russian diamond miner ALROSA, which may be imposed by the G7 countries, may affect the relevant industry in India, local newspaper The Economic Times (ET) writes, citing the HEAD of the Gem and Jewelery EXPORT Promotion Council (GJEPC), Vipul Shah.

The G7 includes the US , Germany, France, Britain, Italy, CANADA and Japan.

Shah said he had heard "from various sources" about a possible imposition of restrictions on large diamonds.

“We have no idea what form the sanctions will take. This will affect the employment of diamond miners in Surat,” he said.

Surat is a city in western India, where diamond polishing is an important part of its economy. According to the newspaper, "nine out of ten" diamonds in the world are polished there, and when the sanctions come into force, the fate of three million Surat workers will be unknown. India receives rough diamonds for cutting, including from Russia.

Industry sources told ET that restrictions on one-carat diamonds mined by the Russian company ALROSA could be announced during the May 19-21 G7 meeting in Japan. One of the newspaper's interlocutors noted that Delhi has asked the G7 to reconsider the issue of sanctions in the diamond industry, since the number of workers in the diamond cutting industry is higher than, for example, in the oil industry, which already has some restrictions.

BLOOMBERG wrote in February that the G7 countries and the EU discussed the possibility of tracking diamonds exported from Russia. In early March, the US State Department officially announced discussions with the European Commission and the diamond business on how to cut off Russia's gem revenue. Later, a report by the head of the State Department's Sanctions Coordination Unit, James O'Brien, appeared, from which it followed that in mid-May, Western countries could consider introducing a requirement to declare finished diamonds in such a way that their origin was not from Russia.

At the same time, ALROSA is already under sanctions. Washington introduced them last year. The company was banned from raising capital through the issuance of shares and bonds in the United States, its assets were blocked.

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Russia calls the restrictions imposed against it illegitimate and believes that they should be lifted.