Surat: The news that the European Union has relaxed the restrictions against the rough diamond exported by Alrosa Company of Russia has spread in the diamond industry of Surat and Mumbai. According to a report from Rapaport, its latest round excludes diamonds. Following pressure from Belgium and India, there have been reports that the EU has excluded rough diamonds from the import ban list of Russian products.
Rapaport reports that a new package released by the Council of the European Union last Thursday extends some trade restrictions and maintains a ban on imports of elements used in the jewelry industry, such as stones and precious metals. The EU’s latest restrictions will apply to other products, including Russian steel, wood pulp and paper. Officials do not want to make the import of Russian rough illegal. Antwerp is one of the most important markets for selling Russian rough.
However, local diamond industry is scrutinizing this decision. If the ban on rough is eased, the diamond industry in Surat and Mumbai may have a better Christmas. The US initially imposed the ban following the Ukraine-Russia war. Earlier, 4 countries including China rejected America’s proposal to cancel Russia’s KP certification using veto. The United States has alerted the Indian government following the apprehension that ready-made diamonds and jewelery made from thin rough of the Russian mining company are coming to America from Surat-Mumbai via Dubai, Antwerp, Brussels.
Russian mining company Alrosa sells 32 percent of the world’s rough
Russia ranks first in the production of rough diamonds in the world. 32 percent of the rough is sold by Russian mining company Alrosa. The biggest buyers of rough are countries like India and China. 30 percent of rough in India including Surat-Mumbai comes from Russia. On the other hand, there is a big market for India’s gem and jewelery industry in European Union countries including America. Until now, the businessmen avoided sending the diamonds, jewels made from Russian rough to European countries. Because, the European Union banned the import of Russian diamonds.
How much of which country contributes to the sale of rough diamonds?
Russian Federation 32 percent, Botswana 19 percent, Canada 15 percent, Congo 12 percent, South Africa 8 percent and other countries 14 percent