Western sanctions have hit Russian diamond exports to India, which is the world’s largest diamond processing center.
In September, diamond supplies from Russia to India decreased by 96%, or almost 25 times compared to the same period in 2023. Russian media reported this.
In physical terms, Russian exports to the country reached 37 thousand carats, and in financial terms – $ 1.5 million. In September 2023, India imported 917 thousand carats from Russia worth $112 million.
India in September reduced the total import of precious stones by almost a quarter (23%) compared to last year – to 1.43 million carats. The largest suppliers of diamonds to India are Belgium, UAE and Hong Kong, which in 2022 will be inferior to Russia in terms of the volume of imported goods.
In September, Belgium imported $186 million worth of diamonds to India, or down 16% year-on-year. Hong Kong supplied $448 million worth of gemstones, down 5% from last year, and the UAE supplied $581 million, or 12% less than a year ago.
Let’s remember that the G7 countries banned the import of Russian diamonds from January 1, 2024, and from March 1, the ban on the supply of processed stones to third countries was extended. India is the largest exporter of processed diamonds in the world with a share of 26.5%.
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Source: korrespondent
I’m Liza Grey, an experienced news writer and author at the Buna Times. I specialize in writing about economic issues, with a focus on uncovering stories that have a positive impact on society. With over seven years of experience in the news industry, I am highly knowledgeable about current events and the ways in which they affect our daily lives.