G-7 in Japan: In the G-7 meeting held in Hiroshima, Japan, the member countries further tightened the sanctions on Russia to weaken it economically. This time these sanctions also include the announcement of banning the import of Russian diamonds. This announcement of G-7 has indirectly given a big blow to India. This is going to have a bad effect on India’s diamond industry as well. Due to these new sanctions, apart from the supply of diamonds to India, the jobs of about one million workers working in this sector are at risk. Let us tell you that 90 percent of the world’s diamonds are cut and polished in India.
Crisis of livelihood of 10 lakh employees in India
Let us tell you that India does 90 percent of the polishing and cutting of diamonds exported all over the world. Due to which lakhs of people are associated with employment in the Indian diamond industry. Along with this, Russia’s Alrosa alone exports 30 percent of the world’s diamonds. In which Indian diamond traders import large quantities from Russian diamond mining company Alrosa. According to Vipul Shah, president of the Gem and Jewelery Export Promotion Council of India, the demand for diamonds is currently low following the imposition of more stringent restrictions by the G-7 countries. But if such sanctions continue on Russia, there may be a crisis of employment on about 10 lakh people.
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The purpose of these restrictions is
The G-7 meeting held in Hiroshima issued a statement after imposing economic sanctions on Russia, saying that the member countries wanted to target the taxes received from diamond exports to Russia through these sanctions. We will continue to work together to restrict the trade and use of Russian mined and produced diamonds.
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