Diamonds. Photo: Getty images
Sanctions imposed by Western countries have led to a sharp decline in Russian diamond exports to India, the world’s largest diamond processing centre. In September 2024, the volume of supplies from Russia fell by 96%, or almost 25 times compared to the same period of the previous year, Russian media reported.
Export data
In September, Russia exported only 37 thousand carats of diamonds to India with a total value of $1.5 million. For comparison, in September 2023, these figures were 917 thousand carats and $112 million, respectively.
In total, in September 2024, India reduced gemstone imports by 23% in physical terms (to 1.43 million carats) compared to last year.
Main suppliers
Against the backdrop of falling supplies from Russia, India became the leader in diamond exports:
- UAE – diamonds worth $581 million (-12% compared to 2023);
- Hong Kong – $448 million (-5%);
- Belgium – $186 million (-16%).
Russia, which until 2022 held a leading position in the supply of gemstones to India, is now significantly behind its competitors.
The Russian diamond industry, which used to be a key player in the global market, is facing new challenges due to Western sanctions. India, as the largest importer and processor of diamonds, is also feeling the effects of supply changes, which is affecting its jewellery sector.
