The first stage of the G7 and European Union's ban on imports of unpolished Russian diamonds via third-world countries has come into effect and is having an impact on the overall diamond industry.
The ban on these diamonds is part of the 12th package of sanctions against Russia in response to its offensive in Ukraine. The European Union is also looking at its counterparts to ensure the effectiveness of these sanctions.
CNBC-TV18 spoke to Ahmed Sultan Bin Sulayem, Executive Chairman of the Dubai Multi Commodities Centre (DMCC), and spoke to him about the outlook on diamonds and the impact of the G7 ban on global diamond traders.
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(Edited by : Ajay Vaishnav)