Financial TimesFinancial Times

The new ‘blood diamonds’: The elaborate plan to halt Russia’s trade

By Sam Fleming, Harry Dempsey and Chloe Cornish

10 May 2023 · 11 min read

Editor's Note

The FT explores the potential impact of the G7's move on Russian diamonds and how it may deal a heavy blow to India's gemstone industry, significantly affecting the global diamond trade.

If you’ve worn, touched or seen a diamond which was cut and polished in the past decade or so, the chances are it passed through Surat, India.

India boasts more than 90 per cent of the world’s diamond manufacturing, and this historic trading city on the north-west coast is the industry’s capital.

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