India, De Beers seek clarity, flexibility on G7's Russian diamond ban

apfelwoiSchoppen , 6 months ago

De Beers: always on the right side of history. 🫠

FlyingSquid , 6 months ago

Synthetic diamonds are so good that only the most experienced diamond cutter can tell the difference. They’re also cheaper, much more ecologically friendly, and don’t involve exploitation.

And yet idiots think their diamond has to be “real.”

autotldr Bot , 6 months ago

This is the best summary I could come up with:

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The implementation will depend heavily on India, which wants to minimise potential disruptions for small diamond firms employing millions of people.

“We are not happy with the announced timeline for implementation of restrictions,” said Vipul Shah, chairman of the Gem Jewellery Export Promotion Council (GJEPC), a leading Indian trade body.

The G7’s plan has sparked a debate inside the sector as it risks complicating supply chains when demand is under pressure.

Some in the industry are concerned that this would create supply chain bottlenecks, additional costs and hamper African production’s access to the G7 markets.

“It is currently unclear what exactly will be involved at each stage, so we will seek further clarification before being able to consider impacts,” De Beers, a unit of Anglo American (AAL.L), said.

“If the intent is to apply a purely technological certification system and to channel all rough imports to the G7 through Belgium, this will be to the detriment of responsible African producers, to all those who depend on the artisanal mining sector, and to the wider industry,” De Beers added.

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The original article contains 415 words, the summary contains 178 words. Saved 57%. I’m a bot and I’m open source!