Calls for India to allow Direct Diamond Payments to Russia
July 17, 24
(IDEX Online) - India's diamond industry is calling on the government to allow direct payments to Russia so it can more easily buy goods sanctioned by the G7 countries.
The US has effectively outlawed dollar payments since Russia's invasion of Ukraine over two years ago, which means diamantaires must now transact via China.
Industry leaders in India want the government to develop an alternative payment method that is more straightforward and cost-effective.
They urged Prime Minister Narendra Modi to raise their concerns during his visit to Russia last week.
Unlike many Western countries, India has not sanctioned Russian diamonds, which have historically accounted for a third of its total supply.