How will the West’s upcoming sanctions impact India’s diamond trade?
The G7 group of countries has been making a number of statements in current weeks on wishing to manage diamond commerce globally. How large is the Indian diamond trade?
Government information exhibits that India is the chief in lower and polished diamonds. India processes greater than 90% of the diamonds utilized in jewelry worldwide. Indian exports of completed diamonds come to $23 billion yearly. The diamond sector in India employs 1 million folks immediately. It not directly impacts 5 million jobs.
Russian agency Alrosa sells as much as $4 billion value of diamonds yearly. US and G7 have been working to see how they might lower off Russian provides and nullify income to them. The US Treasury Department had earlier stated that anybody coping with Alrosa would face legal prices.
How will the West’s imminent sanctions impact India’s diamond trade?
Script and presentation: Ok. Bharat Kumar
Production: Shibu Narayan
Videography: Johan Sathyadas
