Clients in the US and Europe are demanding source declarations for diamonds that are currently exempt from sanctions, causing chaos in the Indian trade.
Many dealers and jewelers in Group of Seven (G7) nations are refusing to buy any polished diamonds without origin confirmation, despite the new ban on Russian goods applying only to 1-carat and larger stones, the officials said.
The confusion stems from the lack of an explicit statement excluding diamonds under 1 carat from the import bans, which went into effect on March 1, said senior figures at GJEPC and BDB in Mumbai. The US and the European Union plan to extend the embargo to 0.50 carats from September 1.
The attitude likely also reflects expectations that sanctions will expand to smaller sizes over time, a senior source in the US market said.
Source Rapaport News.
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