G7 move on Russian roughs rattles India’s diamond sector

Subject: Geography

Section: Economic geography

Rough diamond:

It is a diamond that has not been cut or processed. They come in a variety of naturally occurring shapes, including octahedral (eight-sided bipyramid), cubic, and triangular (most commonly macles).
A raw diamond or rough diamond can also be a type of diamond that is not fully developed or can have less brilliance. Extreme heat and pressure beneath the ground make the carbon atoms fuse in a specific structure.

Diamond production:

Russia is the largest producer (42 million carats in 2022) and exporter of rough diamonds in the world followed by Botswana, Canada, DR Congo, South Africa, Angola, Zimbabwe, Namibia, Sierra Leone, Lesotho and Australia.
African continent contributes to 50% of global production.

Diamond Exporter:

In 2022, India was the largest exporter of polished diamonds worldwide, amounting to a total value of 23.9 billion U.S. dollars compared to the nearly 18 billion U.S. dollars of diamonds exported by the United States that year, ranked second, followed by the UAE, Hong Kong, Belgium, Israel, Botswana, Russia, South Africa, China and Angola.
India imported a provisional $8.48 billion worth of rough diamonds and exported polished diamonds worth $9.96 billion from April through October 2023.
India cuts 14 out of 15 of the world’s rough diamonds.
India exports diamond to the USA (36%), Hong Kong and Japan among others.

Gem and Jewellary Export Promotion Council (GJEPC):

Established in 1966 by the Ministry of Commerce and Industry (India)
Aim- to promote the Indian gem and jewellery industry and its products.
Headquarters in Mumbai and Regional Offices in New Delhi, Kolkata, Chennai, Surat and Jaipur.
It is the apex body for the gems and jewellery industry of India and represents almost 7,000 exporters.