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15 Sep 2023


Ukraine: Govt. places diamond producer Shree Ramkrishna Exports on intl. war sponsors list for continued cooperation with Russia despite imposed sanctions

Bloody Diamonds: The NACP lists one of the world’s largest diamond producers SRK on the List of International War Sponsors, 15 September 2023

The National Agency on Corruption Prevention (NACP) has listed one of the world’s largest diamond manufacturing and exporting companies, Shree Ramkrishna Exports (SRK), on its list of international war sponsors. The Indian company continues to cooperate with the aggressor, purchasing diamonds in Russia, despite the sanctions imposed against the Russian Federation in this sphere. In 2023, the company tripled the purchase of diamonds in the Russian Federation compared to 2021.

India is one of the main buyers of diamonds, primarily small diamond raw materials from Russia, and the world’s largest diamond production center...

SRK has an annual income of more than $1.3 billion...Despite the international sanctions that were introduced in April 2022 against the largest diamond miner in the world, the Russian “Alrosa”, SRK continued to buy diamonds in the Russian Federation, making “secret deals” for the purchase of precious stones worth hundreds of millions of dollars.

At the same time, the SRK reports on its website that “rough diamonds come only from countries participating in the Kimberley Process and do not have conflict origins. We check all of our raw materials to ensure ethical considerations are met.”

However, the numbers say otherwise. For example, in 2021, Shree Ramkrishna Exports purchased more than $59 million worth of diamonds in Russia. USA, and already in 2022, after the application of Western sanctions against Russia, by more than $198 million. In 2023, the company also actively continues cooperation with the aggressor. In the first half of the year alone, it purchased diamonds worth more than 132 million dollars. USA, which is three times more than in 2021.

In total, in 2022, Russia exported diamonds worth 3.8 billion dollars. But even such insignificant amounts compared to the income from the sale of oil are of great importance for the Russian Federation, as they allow them to finance the war against Ukraine and maintain its economy...

Thus, while other Western companies bypass the Russian market, Shree Ramkrishna Exports actively buys Russian diamonds on favorable terms, thereby actively sponsoring aggression against Ukraine...