According to the Chinese customs service data for August, cited by the RIA Novosti news agency, Russia purchased a large batch of polished diamonds from China for the first time in more than 10 years.
The volume of polished diamond exports from China to Russia in August amounted to 35.23 thousand carats worth $12.4 million, whereas in 2013, when a large batch was last purchased, the cost of the stones was only about $200,000.
RIA Novosti cites Ekaterina Novikova, associate professor of the economic theory department at the Plekhanov Russian University of Economics, who noted that currently about 90% of Russian rough diamonds are processed at Indian cutting and polishing plants, while Chinese manufacturers account for about 5% of the country’s uncut stones.
“But this share is gradually growing, which can be seen in the increased volume of polished diamond purchases from China, that is, already processed precious stones,” she said.
According to August data, Russia became the second-largest buyer of Chinese diamonds by value. Hong Kong took first place with the amount of $41.7 million, and Belgium was third with $8.2 million. From January to August, Russia was in fifth place in terms of polished diamond purchases from China.
Theodor Lisovoy, Managing Editor, Rough&Polished
