Ukraine Puts Leading Indian Diamond Company on List of “International Sponsors of War”
As reported in WINC
Edition #449 of WINC (IDMA Weekly Internet News Collection) – September 18, 2023
Mumbai-based Shree Ramkrishna Export (SRK) denies allegation, vows to protect India’s global image.
Mumbai: For the first time since the Russian invasion, Ukraine’s National Agency for the Prevention of Corruption (NAPC – image above) has put an Indian diamond company on its list of “international sponsors of war”.
According to the NAPC, Mumbai-based Shree Ramkrishna Export (SRK) bought Russian diamonds worth $132 million in the first half of 2023, as compared to $59 million worth of diamonds it purchased in Russia throughout 2021.
SRK acquires rough diamonds, performs cutting, polishing and classification, and then exports them. NAPC alleges that SRK may be importing some of the rough diamonds from the Russian company Alrosa, the world’s biggest producer of diamonds by volume.
Almost 90 per cent of the world’s rough diamonds are cut and polished in India. SRK is one of the biggest diamond processing firms globally, which sources raw diamonds from western global giants such as De Beers, Arctic Canadian Diamond Company and Rio Tinto, among others.
SRK has strongly refuted the allegation. Its director, Govind Dholakia, told News9 Plus that his company has not bought a single diamond from Russia in 2023 so far. “The NAPC says we bought diamonds worth $132 million from a Russian company. The fact is, we have not made a single purchase this year so far,” Dholakia said.
Dholakia alleged Ukraine is frustrated with the Delhi G20 declaration which did not condemn Russia for its aggression in Ukraine by name. “The NAPC’s allegation is an attack on the Indian diamond industry, not on us. They are frustrated with the success of the G20 summit.”
ROSKIN GEM NEWS
You may recall that the Roskin Gem News reported on Shreyans Dholakia, “SRK Brand Custodian” and one of the guest panelists at the Harvard Industry Summit this past June. At that conference, Dholakia moved away from the topic of a single supply chain, and listed numerous supply chains, ignoring the details of their diamond rough supply chain. Speaking with a representative of the company (SRK), we reported that SRK does cut Russian diamonds. When asked how they were then distributed, we were told that if the client would be located in a country with sanctions, they would not sell them the Russian cut goods. This makes their issued statement in conflict with their previous position.
SRK Refutes Ukraine’s NACP Allegations
of Supporting War in Ukraine
Shree Ramkrishna Exports Pvt. Ltd. (“SRK”), a renowned name in the global natural diamond industry with a legacy spanning nearly six decades, has found itself unjustly a target in the web of global geo-politics, misinformation and baseless allegations. Recent accusations of supporting the Ukraine war, as alleged by Ukraine’s National Agency on Corruption Prevention have been made with an apparent intent to tarnish India’s diamond industry by pointing to one of the prominent brands in the Indian trade – SRK, and thereby causing reputational damage to SRK, without any factual basis. SRK reserves its right to take legal action against the relevant agency to protect SRK’s and India’s global Image.
The heart of SRK’s operations has always been grounded in the principles of transparency, integrity, and ethical conduct. The company has throughout its illustrious history, adhered to these principles without any exception. Its commitment to responsible business practices has been unwavering, with the track record speaking for itself. Further to this, SRK emphasizes unequivocally that it stands for peace and harmony.
SRK has consistently operated within the framework of national and international guidelines, complying with all regulations issued by the United Nations, OFAC and other national and international authorities. SRK exclusively sources rough diamonds from countries that are active participants in the Kimberley Process, ensuring they have a certified origin. SRK does not endorse or support any kind of war or conflict anywhere in the world. The company has never engaged in any transactions with UN, US, Indian or OFAC sanctioned entities or individuals involved in any form of conflict. Know more here about our untiring ethos backed with inherent values and ethics. follow for more Roskingemnewsreport
Clearing the air
On Saturday afternoon, SRK issued a statement in which ….