G7 Aims to Reshape Diamond Market by Banning Russian Imports
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G7 countries plan to ban imports of Russian diamonds starting January 1 in an effort to curb Russia's revenue.
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The plan requires cooperation from India, the global hub for diamond polishing, which processes 90% of the world's diamonds.
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The ban aims to reshape the global diamond market by cutting out Russia, the largest producer of rough diamonds.
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The plan will exempt African diamond producers that can prove local provenance.
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Implementation poses challenges around enforcing the ban and limiting negative impacts on neutral countries like India and Africa.