The Russian government will impose an 8% duty on rough diamonds weighing between 0.45 carats and 10.8 carats, as well as special-size diamonds (over 10.8 carats), starting September 1, 2026.
The export duty will apply to diamonds of weight groups that are economically feasible to cut in Russia.
Until 2016, the export duty on diamonds was 6.5%. However, following Russia's accession to the World Trade Organization in 2016, the duty was abolished, negatively impacting the country's diamond industry.
The Russian government expects this measure to support the cutting industry in Russia and address the uncompetitive nature of small diamond cutting. The main cutting cluster in the world remains India, where 90% of diamonds are processed, while in Russia, less than 5% of the stones mined are processed.
Alex Shishlo, Editor in Chief of the European Bureau,Rough&Polished
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