The Key Passage of Russian Diamonds to India
Featured
If we shift our focus from Russia to India, another factor is equally eye-catching: even though Russia has a dominant position in diamond production, most of the gemstones it sells are unprocessed raw stones, which are directly shipped to India for polishing and market placement. As Rapport's statistics show, India processes 92% of the world's gemstones. And once the gemstones are polished, even Russian diamonds will transform into products made in India, so these polished gemstones have not yet been included in the sanctions list. It is reported that India was one of the 35 countries that abstained from voting in an emergency session of the United Nations General Assembly to pass a draft resolution condemning Russia's attack on Ukraine. In addition, India has taken further measures to strengthen its relationship with Russia - the Indian diamond industry has announced acceptance of settlement in currencies other than the euro and US dollar, and support for bank channel payments not included in the SWIFT system. Colin Shah, Chairman of the Modi Government's Gemstone and Jewelry Export Promotion Committee, said, "Elrosa assures us that they will continue to conduct business as usual and will continue to be committed to serving customers around the world."
