GJ Town India

  GJEPC welcome for an Interaction on India’s foreign policy  The Gem & Jewellery Export Promotion Council (GJEPC) was privileged to welcome Dr. Subrahmanyam Jaishankar, Hon’ble Minister of External Affairs-Government of India. Dr. Jaishankar was visiting Bharat Diamond Bourse (BDB) at Mumbai for an Interaction on India's foreign policy.  Industry leaders such as Vipul Shah, Kirit Bhansali, Vice Chairman, GJEPC; Anoop Mehta, President, Bharat Diamond Bourse, and Mehul Shah, Vice President, Bharat Diamond Bourse, addressed the pressing concerns, including the shrinking American market, fluctuating global demand, and intensifying competition. Members also highlighted the need for diversification and increased government support to stabilise and grow exports.  Vipul Shah expressed gratitude to Dr. Jaishankar, stating, "We are grateful for your active support in mitigating the impacts of G7 sanctions on Russian diamonds, which has enabled our industry to continue ope...

The G7 restrictions were later relaxed. Until September 1, 2025   Russia has maintained its presence in the Indian diamond market and even increased supplies by more than 22% despite the anti-Russian sanctions imposed by the West, according to the data from the Indian Ministry of Commerce and Industry. According to the Ministry, from January to June this year, imports of Russian diamonds increased by 22.23% compared to the same period last year. The Ministry noted that revenues from diamond shipments to India fell by 15.22% over the same period - from $613.72 mln to $520.33 mln.    After the start of Russia's special military operation, the G7 countries announced the introduction of restrictions on the import of jewelry diamonds from Russia from January 1, 2024. The limit for Russian diamonds was set at 1 carat and over from March 1 and was expected to be lowered to 0.5 (1 carat - 0.2 g) from September 1, 2024.    The restrictions were later relaxed. Until S...