The Financial Times reported that Western measures against Russian diamonds could threaten hundreds of thousands of jobs in India. According to Anup Mehta, President of the Bharat Diamond Exchange in Mumbai, Russian diamonds create 60% of jobs in the Indian industry
Possible G7 sanctions against Russian diamonds could lead to the loss of hundreds of thousands of jobs in India. This was reported by the British newspaper Financial Times, citing industry experts.
“Russian diamonds provide 60% of the jobs in the [Indian] industry,” said Anup Mehta, president of the Bharat Diamond Exchange in Mumbai.
According to him, about 1 million people are involved in the diamond trade in India. According to the Indian newspaper The Economic Times, about 90% of the world’s diamonds are cut and polished in India.
Currently, India is free to export rough stones coming from Russia to the US and other G7 countries if they are undergoing significant changes in the Indian diamond cutting and polishing industry. However, the situation may change due to the West’s initiative to track diamonds, the newspaper notes.
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