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.
Gold price has had fresh record highs this week. The prices have been supported by a declining Dollar Index, growing uncertainty ahead of the US presidential elections, geopolitical tensions and inflation. To discuss the price formation from here on CNBC-TV18, spoke to Philip Newman, MD at Metals Focus.
Watch this video for more
(Edited by : Ajay Vaishnav)
Check out our in-depth Market Coverage, Business News & get real-time Stock Market Updates on CNBC-TV18. Also, Watch our channels CNBC-TV18, CNBC Awaaz and CNBC Bajar Live on-the-go!
