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Business Matters | How will West's upcoming sanctions impact India's diamond industry? | The Hindu

The G7 group of nations has been making several statements in recent weeks on wishing to control diamond trade globally. How big is the Indian diamond industry? Government data shows that India is the leader in cut and polished diamonds. India processes more than 90% of the diamonds used in jewellery worldwide. Indian exports of finished diamonds come to $23 billion annually. The diamond sector in India employs 1 million people directly. It indirectly impacts 5 million jobs. Russian firm Alrosa sells up to $4 billion worth of diamonds every year. US and G7 have been working to see how they could cut off Russian supplies and nullify revenue to them. The US Treasury Department had earlier said that anyone dealing with Alrosa would face criminal charges. How will the West's imminent sanctions impact India's diamond industry? Script and presentation: K. Bharat Kumar Production: Shibu Narayan Videography: Johan Sathyadas Thank you for watching our video! You can subscribe to our channel here: https://bit.ly/3c8Adi6 Visit https://www.thehindu.com/ for the latest updates, analysis, opinions, and more. You can also download our apps: Android: https://bit.ly/3nboBEi iOs: https://apple.co/3EDCwt4 The Hindu is committed to keeping you up-to-date with information on the developments in India and the world. We promise to deliver quality journalism that stays away from vested interest and political propaganda. You can support us by subscribing to our digital offerings here: https://bit.ly/3emywiz Follow us: Twitter:   / the_hindu   Instagram:   / the_hindu   #diamond #india #export