Russian diamond imports in India fell 15% by volume to 5.74 million carats in 2024, compared to 6.8 million carats a year earlier, Interfax reported with a reference to the Indian Ministry of Commerce and Industry.
Meanwhile, imports by value decreased 39% to $664 million compared to $1.093 billion a year earlier. Average diamond prices fell by 28% to $115.7 per carat compared to $160.7 per carat a year earlier.
India reportedly imported 117.5 million carats of diamonds last year, down 23% from 2023. The UAE, the USA, Hong Kong and Belgium remain the biggest suppliers of diamonds to India in monetary terms.
India cuts and polishes about 90% of the world's diamonds, while Russia supplied about a third of all rough stones to the world market until 2022. After Russian troops invaded Ukraine, precious stones from the Russian Federation fell under sanctions of G7 and EU countries which account for 70% of the world's retail polished diamond market.
Since March 1, 2024, import restrictions have been introduced on polished diamonds over 1 carat made from Russian diamonds in third countries, including India.
Theodor Lisovoy, Managing Editor, Rough&Polished
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