INDIA, home to 90 per cent of the world's diamond cutting and polishing industry, and De Beers, the top global rough diamonds producer by value, are seeking clarity and flexibility from G7 countries in implementing a ban on imports of Russian gems.
The Group of Seven countries on Wednesday (6) announced a direct ban on Russian diamonds starting January 1 followed by phased-in restrictions on indirect imports of Russian gems from around March 1. Russia is the world's biggest producer of rough diamonds by volume with a 30 per cent share of the market.
The implementation will depend heavily on India, which wants to minimise potential disruptions for small diamond firms employing millions of people.
"We are not happy with the announced timeline for implementation of restrictions," said Vipul Shah, chairman of the Gem Jewellery Export Promotion Council (GJEPC), a leading Indian trade body.
"Recognising the diversity of our industry, we believe there should be more flexibility in these timelines," he said in a statement.
The G7's plan has sparked a debate inside the sector as it risks complicating supply chains when demand is under pressure. India's April-October polished diamond exports are down 29 per cent to $10 billion.
"The G7 is essentially saying it is still a work in progress but here is a framework with a timeline," diamond analyst Paul Zimnisky said.
But "if Indian companies want to continue doing business with the G7 nations, then they are going to have to do their part," he added.
The G7 plans to introduce a traceability-based verification for rough diamonds by September, but for now two main questions of the plan remain unsolved: how a diamond's country of origin should be checked and where it should be done.
Belgium supports the idea of checks in Antwerp, the world's main diamond hub. Some in the industry are concerned that this would create supply chain bottlenecks, additional costs and hamper African production's access to the G7 markets.
"It is currently unclear what exactly will be involved at each stage, so we will seek further clarification before being able to consider impacts," De Beers, a unit of Anglo American, said.
"If the intent is to apply a purely technological certification system and to channel all rough imports to the G7 through Belgium, this will be to the detriment of responsible African producers, to all those who depend on the artisanal mining sector, and to the wider industry," De Beers added.
Russian state-controlled diamond producer Alrosa declined to comment.
Major Food Group, the hospitality powerhouse behind CARBONE and over 50 restaurants worldwide, is bringing Major’s Grill to London’s Cambridge House.
The restaurant will occupy a Georgian ballroom dating back to 1878 within the Grade I-listed Palladian mansion at 94 Piccadilly.
Cambridge House, Auberge Collection, opens in 2026 as a 102-suite luxury hotel with the restaurant as its culinary centrepiece.
Global expansion move
New York's Major Food Group is bringing its signature theatrical dining style to London with the launch of Major's Grill, a glamorous new restaurant set to open at Cambridge House, Auberge Collection in 2026.
The announcement, made on October (15), marks a significant expansion for the hospitality group founded by Mario Carbone, Rich Torrisi and Jeff Zalaznick. Since 2011, the group has built a global empire of over 50 restaurants, bars and private clubs spanning 15 cities worldwide, including New York, Miami, Hong Kong, Dubai and Riyadh.
Major's Grill will be housed at 94 Piccadilly, the former Naval & Military 'In and Out' Club, as part of Reuben Brothers' £1 billion regeneration of 1.3 acres of the Piccadilly Estate. The restaurant will occupy a Georgian ballroom and courtyard dating back to 1878.
"It would be impossible to overstate what a privilege and dream come true it is for Mario, Rich, and me to have the opportunity to serve as the new culinary stewards of this storied London address," noted Jeff Zalaznick, co-founder of Major Food Group.
London luxury revival
Drawing inspiration from classic London grills and mid-century dining culture, the restaurant promises theatrical tableside service, an extensive martini programme with at least 10 variations, and a wine list featuring First Growth Bordeaux, Grand Cru Burgundy and rare cult vintages.
The Grade I-listed Palladian mansion has hosted royalty and political figures since 1756. It served as a proxy Downing Street for Prime Minister Lord Palmerston and later became home to the legendary Naval and Military Club from 1865 to 1999.
"This bold and original concept is exactly what we always envisioned for Cambridge House," said Jamie Reuben, principal at Reuben Brothers. "Together with Major Food Group and Auberge Collection, we're creating a destination inspired by The Grill, the iconic New York institution."
French designer Jean-Louis Deniot will oversee the restaurant's interior renewal. The partnership represents Auberge Collection's continued expansion into urban and European markets, with properties opening in Florence and Geneva earlier in 2025. Major Food Group operates CARBONE locations in Hong Kong, Dubai, Doha and Riyadh, reflecting its global reach beyond North America. Cambridge House will feature 102 suites alongside Major's Grill, with additional amenities including bars, lounges, a subterranean club and a double-level spa.
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