“India has sharply reduced imports of Russian diamonds: what is the reason In September 2024, India reduced imports of Russian diamonds from $112 million to $1.5 million due to G7 sanctions. Belgium, Hong Kong and UAE became the main suppliers of diamonds for India.”, — write on: unn.ua
In September, India sharply reduced its imports of Russian diamonds by 25 times due to sanctions imposed by the G7 countries. Total purchases decreased to $1.5 million compared to $112 million last September.
The sharp reduction is related to the sanctions introduced by the G7 countries against Russia. The main suppliers of diamonds to India remain Belgium ($186 million), Hong Kong ($448 million) and the UAE ($581 million).
It will be recalled that this year the G7 countries agreed to ban the import of Russian diamonds. Initially, the sanctions applied to unprocessed stones, but were later extended to minerals processed in third countries.
We will remind
Diamond prices on the world market have fallen to multi-year lows due to a number of factors. Since the beginning of the year alone, the price index for 1 carat diamonds has fallen by 23%.