Surat: The United States has banned Alrosa, a Russian diamond mining company, for suspending war on UkraineWar. The US Department of Business and Trade has issued a stern warning to Indian diamond and jewelery exporters that ready-made diamonds or diamond-encrusted jewelery from Alrosa cannot be shipped to the US. If industrialists cheat with bogus certificates, their trade will be adversely affected. No clear decision could be taken on this serious issue at the meeting of Surat-Mumbai exporters at the Bharat Diamond Bourse in Mumbai for the last two days.
- Diamond industrialists are in trouble after the US ban on Alrosa diamonds
- A group with a large stock of roughs is demanding a one-month rough supply cut
- So another group is protesting: the situation of the central government has become dire
A group with a large stock of roughs has been demanding in writing that Alrosa cut off rough supplies for a month. So the second group is protesting against the demand to stop the rough supply. Due to which the condition of the central government has deteriorated. This is because India’s attitude is pro-Russia and about Rs 4 billion a year comes from rough via Dubai and other channels to Surat and Mumbai. These rough diamonds are not only shipped to America. Finished diamonds and jewelery made from them are also exported to other countries.
A group in the diamond industry wants to cut off supply for 1 month and sell rough at a higher price. And wants to take a big advantage by creating an artificial shortage of rough, which is being opposed. Diamond manufacturers are looking for alternatives on how to get rough, said GJEPC regional president Dinesh Nawadia. Alrosa’s delegation has been in Mumbai for two days, he said. He held meetings with site holders and big traders. The situation was discussed if Russia’s diamonds were not bought by US and European countries.
Alrosa supplies thin diamonds to the diamond industry of Surat. From this, the work of jewelery manufacturing is done more. Some big traders who stockpiled rough before the Russia-Ukraine war and at the beginning of the war want to cut off supplies at a higher price, demanding a month-long supply cut, according to diamond industry sources. The whole matter has now gone to Commerce Minister Piyush Goyal.
