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THE CASE FOR A G7-COMPLIANT DIAMOND VERIFICATION CENTRE IN INDIA
Diamond World|November - December 2024
India, the global leader in diamond cutting and polishing, faces mounting challenges due to G7 traceability demands requiring verification through Belgium (Antwerp) and Botswana. Establishing a G7-compliant diamond verification centre in India would streamline operations, reduce costs, and protect the livelihood of millions in the sector, while reinforcing the nation's leadership in the global diamond trade
THE CASE FOR A G7-COMPLIANT DIAMOND VERIFICATION CENTRE IN INDIA

In the glittering world of the global diamond trade, a paradox has emerged.

India, which processes 90% of the world's rough diamonds, finds itself excluded from a crucial framework that could reshape the industry's future. As Botswana prepares to launch its G7 verification centre this year, joining the established hub in Antwerp, India's absence from this elite club has sparked intense debate about global trade equity and supply chain efficiency.

The story begins with geopolitics. Following Russia's invasion of Ukraine in 2022, the G7's push for stricter diamond origin controls led to a series of sanctions and new traceability requirements.

By early 2024, this evolved into a formal system of verification nodes, initially centred in Antwerp, and soon to expand into Africa. Yet India, the industry's workshop, remains on the outside, looking in.

"Ideally, the Indian industry is not in favour of any nodes for implementing the G7 sanctions, and, instead, prefers to continue with the paper declarations currently provided for exports of polished diamonds to the USA. However, if G7 countries implement import through dedicated nodes, then ideally such a rough diamond node should be in India also.

Otherwise, the entire rough diamond supply chain may break down, as 90% of the world's rough diamonds are sent to India, directly or indirectly, for processing," says Sabyasachi Ray, Executive Director, Gem & Jewellery Export Promotion Council (GJEPC).

THE CASE FOR A VERIFICATION CENTRE IN INDIA

The absence of a G7-compliant diamond verification centre within the country has strained the industry both logistically and financially. Establishing such a centre in India is no longer a matter of convenience, but a strategic necessity to safeguard the livelihood of millions dependent on the diamond trade, ensure operational efficiency, and reinforce India's central role in the global diamond supply chain.

This story is from the November - December 2024 edition of Diamond World.

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This story is from the November - December 2024 edition of Diamond World.

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