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Russia substantially reduced diamond exports to India

РФ существенно сократила экспорт алмазов в Индию

Russian diamond exports to India decreased by 17% to 5.2 million carats for the period from January to October 2024 year, report “Vedomosti” with reference to data of the Indian Ministry of Trade and industry.

EgolenaHK/Shutterstock/Fotodom

EgolenaHK/Shutterstock/Fotodom

Following the results of the first semester 2024 year. Another trend was recorded with supplies increasing by 22% to the same period of 2023 yr. to 4.1 million carats. In July the increase in supplies also continued, but in August they dropped in 18 fold in annualized to 87 440 carats, and in September – in 25 times to 37 220 carats.

In October exports recovered to 586 600 carats (up 4 fold from October 2023 year.), but this was not enough to compensate for the decline in

The majority of supplies for the 10 months of 2024 year. went to diamonds of jewelry quality – about 3.5 million carats (more than 66%). The share of such stones in total volume of exports to India was 68%.

In monetary expressions the volume of supplies in January – October decreased in 1.8 times to $578.3 million. And in in July – October revenues from exports were only $58.3 million (in average $14.6 million in month) as opposed to $520 million in January – June ($86.7 million in month).

Average price of gem-quality diamonds supplied tofor the

Diamonds and polished on the world market have been getting cheaper since spring 2022 year, when the IDEX (International Diamond Exchange) reached a historic historic maximum of 158.4. The decrease is because of weak demand for  precious stones and jewelry and increased production of synthetic stones. In

Europeanjewelershave complainedabout sanctionsagainstRussiandiamonds

QuarterlyrevenuesofthejewelrynetworkSignetSignetJewelersfound to behigherthanforecasts

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