Renewed Calls for G7 Verification Point in India
December 04, 24
IDEX Online) - India is renewing calls for its own G7 diamond verification center, in addition to Antwerp and, as of next year, Botswana.
There has been near-universal opposition within the industry to Antwerp as the sole verification point. All rough diamonds, whatever their origin, must currently be checked in Antwerp to ensure they are not of Russian origin.
"The certification process is a matter of concern as we are the largest diamond manufacturer with over 90 per cent of the world's diamonds polished here," Gem & Jewellery Export Promotion Council (GJEPC) executive director Sabyasachi Ray told Times of India.
"The government is taking up the issue at the highest levels, including the WTO (World Trade Organization)."
The European Commission announced a week ago that Botswana would start operating an additional verification point from next year, and said other African diamond-producing countries such as Namibia and Angola could follow suit.
It made no mention of India, even though it cuts and polishes at least 90 per cent of all diamonds globally.
Earlier this week the Antwerp World Diamond Centre signed a memorandum of understanding with Angola and said it would be willing to share expertise so that the country could host another verification point.