Industry leaders are urging the Indian government to facilitate a simplified and cost-effective payment mechanism for transactions with Russia. This initiative comes as a response to the challenges posed by sanctions imposed by Western countries, which have not targeted Russian diamonds—traditionally comprising a significant portion of India's diamond supply.
During Prime Minister Narendra Modi's recent visit to Russia, industry representatives called on him to highlight these concerns, emphasizing the importance of maintaining robust trade relations in the diamond sector despite geopolitical tensions.
The proposal seeks to ensure uninterrupted access to vital raw materials essential for India's diamond processing and export industries, which play a pivotal role in the country's economy.
