Another significant update has surfaced for Surat's diamond industry, indicating the repercussions of the Ukraine war. The United States is set to impose a ban on dealings with Russia starting March 1, casting an anticipated 35 percent blow to Surat's diamond sector. This restriction comes into effect following the Ukraine conflict and is enforced by the Office of Foreign Assets Control (OFAC). Notably, approximately 30 to 35 percent of rough diamonds imported to Surat originate from Russia, signaling potential adverse effects on the city's diamond trade.
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Wed, Jan 22, 2025
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