Import of Russian diamonds to India fell 25 times

Illustrative photos from jerel

Diamond imports from Russia to India decreased by 96% compared to the same period last year and reached 37 thousand carats. This resulted in 917 thousand carats being imported, Interfax reported to the Indian Ministry of Trade and Industry.

The stock of Russian diamonds at Veresna amounted to $1.5 million versus $112 million previously. Global imports of diamonds to India were 23% lower, leveled with the last rock and accumulated 1.43 million carats.

The largest suppliers of diamonds to India are the United Arab Emirates, Hong Kong and Belgium. Hong Kong imported diamonds worth $448 million, which is 5% less than last year. Imports from the UAE fell by 12% to $581 million, and from Belgium – by 16% to $186 million.

Imports of Russian diamonds have begun to decline due to China's fate. In birch, imports of used goods increased 2.3 times more than last year, accumulating 728 thousand carats. In the south, the growth increased by 85%, up to 1.81 million carats, and in Sichny – by 14%, up to 400 thousand carats.

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​1 Sichny G7 region blocked the import of Russian diamonds, and from 1 The G7 countries have now entered another stage of sanctions against Russian precious stones.

Weak water and low world prices are affecting the export of diamonds from Russia. According to Rapaport's forecasts for 2024, supply may fall by 17%, to $3.19 billion.

India is the largest exporter of diamonds in the world with a share of 26.5%, as well as a light polishing center cut stone. However, due to the ongoing crisis of the diamond industry, this industry at the edge also recognizes folding goods. Thus, in the 2023/24 financial year, exports decreased by 27.58% compared to the same period, and in the first quarter of 2024/25 by 15%.

The main reason was the decline in prices in key markets – in the USA and China. Thanks to price reductions from the previous year, New Delhi had the opportunity to impose a two-month barrier on the import of unproduced diamonds.

Prepared by: Serhiy Daga