Global diamond producer SRK added to the list of international war sponsors

The National Agency for the Prevention of Corruption (NAPC) has announced that one of the world's largest diamond companies, Shree Ramkrishna Exports (SRK), has been added to the list of international sponsors of war. This step was taken because the Indian company continues to purchase diamonds from Russia, despite the sanctions imposed on Russia in this area.

In 2023, SRK tripled its purchases of diamonds from Russia compared to 2021, even though there are sanctions against this activity. India, where the company is located, is one of the main countries that buys diamonds from Russia, namely rough diamonds. This country produces 95% of the world's diamonds, and it imports about a third of its diamonds from Russia.

The NACP emphasizes that approximately three-quarters of diamonds coming from Russia have no official documentation to prove their origin. SRK has annual revenues of over USD 1.3 billion and specializes in processing and exporting diamonds after they are purchased.

In addition, the NAPC points out that despite international sanctions against Russia imposed in April 2022, SRK continues to actively purchase diamonds from Russia, concluding "secret deals" worth hundreds of millions of dollars.

On its website, SRK claims that its rough diamonds come only from countries participating in the Kimberley Process and are of conflict-free origin, conducting verification of all raw materials to comply with ethical standards. However, according to the NACP, the facts show something completely different. In 2021, SRK purchased more than USD 59 million worth of diamonds from Russia, and in 2022, after the imposition of sanctions, it purchased more than USD 198 million. In 2023, the company is also actively continuing its cooperation with Russia, purchasing diamonds worth more than USD 132 million in the first half of the year.

These actions of SRK, according to the NACP, lead to support for aggression against Ukraine, as they actually finance the war and the maintenance of the Russian economy through the purchase of Russian diamonds.

This act adds to the previously listed list of international sponsors of the war, which also includes the Turkish company Şişecam Group, which continues to maintain business ties with Russia and remains the largest exporter in its industry in Russia.