Losing access to Russian diamonds over long term would devastate the industry, jeopardising thousands of jobs in India and hitting major trading centers across the world.
Even though exports to India make up just about 10% of Russian direct sales, Indian diamantaires fear they could end up on the frontline of the war in Ukraine.
Surat Diamond Bourse, currently under construction, is expected to open in 3 or 4 months. It is expected to house nearly 4,400 merchants and employ about 1.5 lakh people.
Nehal Modi is indicted for obtaining diamonds from one of the world's biggest firms LLD on favourable terms, and then liquidating them for his own ends.
Overseas sales of cut and polished diamonds may slump 20% to 25% in the year ending March from $18.66 billion last year, according to the Gem & Jewellery Export Promotion Council.
Lucara Diamond Corp., which found the 1,758-carat Sewelo diamond at its Botswana mine struck a deal with Louis Vuitton and Antwerp manufacturer HB Company.
Speaking at India Ideas Conclave, organised by think tank India Foundation in Bengaluru, V. Anantha Nageswaran, also said India was now in position to deliver domestically-driven growth'.
In February 2019, 72,400 SiG 716 rifles of 7.62 x 51mm calibre were contracted from SIG Sauer Inc, USA, under government's 'Buy (Global) category', through fast track procedure.
That temples were destroyed and mosques built is undisputed history. The past can’t be changed, but we can’t deny the wrongs of the past either before we consider reconciliation.