After the Russia-Ukraine war began in 2022, the trade here was affected, traders said. To pressure Russia, the G7 countries imposed restrictions on unprocessed diamonds exported from Russia to India.

It is what I would call the Indian arbitrage—buying cheap Russian oil and reselling it as a product—that just sprung up ...

India could absorb a 25 per cent tariff. Economic growth will not be materially affected. All eyes must be on the 25 per cent penalty tariff, due to kick in soon.