New Delhi: India is expected to face minimal impact from the G7’s recent decision to impose direct import restrictions on Russian-origin diamonds starting January, and on diamonds processed by third countries from March, as major concerns have been addressed, according to a senior government official. The official stated that India’s stance, emphasizing control on rough diamonds from Russia but allowing unhindered processing in India, has been acknowledged by the G7. This development is seen as a positive outcome for the Indian diamond industry, offering respite amid global restrictions.
India-EU WTO Dispute
In another development, India has appealed against the World Trade Organization’s (WTO) trade dispute settlement panel’s ruling in a case filed by the European Union (EU) against New Delhi’s import duties on nine information and technology products. The appeal comes after unsuccessful negotiations for a mutually agreeable solution between India and the EU. The EU sought customs duty concessions on certain goods, a proposition rejected by India as it violates WTO rules. The appeal aims to challenge the adoption of the panel report by the EU.
