Indian diamond industry may lose shine due to Ukraine crisis

Kolkata: Sanctions imposed by the United States and European nations on Russia in the wake of its aggression on Ukraine is likely to have a direct impact on the Indian diamond industry at a time when it is on the recovery mode after the pandemic and is aiming at $24 billion revenue in FY'22.

Russia's biggest diamond miner Alrosa supplies about 30 per cent of the rough diamonds globally and is a critical source for India.

India imports, cuts and polishes 80-90 per cent of the world's rough diamonds.

There is no major impact as of now though there are problems in fund transfer with some banks. We are keeping our fingers crossed and monitoring the situation as Alrosa is a critical source, Gems and Jewellery Export Promotion Council (GJEPC) ED Sabyasachi Roy said.

He said orders for the next two months were placed before the war broke out and sanctions were imposed. "As of now we know Alrosa as a company is not under

sanction".