“In September, Russian shipments to India, the world’s largest processing hub, fell 96%, or nearly 25 times, compared to the same period in 2023.”, — write: www.epravda.com.ua
In September, Russian shipments to India, the world’s largest processing hub, fell 96%, or nearly 25 times, compared to the same period in 2023.
About this informs “Interfax”.
In natural terms, Russian exports to the country amounted to 37,000 carats, and in cash – 1.5 million dollars. For comparison: in September 2023, India imported from Russia 917,000 carats worth 112 million dollars.
In general, New Delhi in September reduced the total import of precious stones by almost a quarter (23%) compared to last year – to 1.43 million carats. The largest suppliers of diamonds to India were Belgium, the UAE and Hong Kong, which until 2022 was inferior to Russia in terms of the volume of imported goods.
In September, Hong Kong supplied precious stones to India worth 448 million dollars, which is 5% less than a year earlier. For its part, Belgium imported diamonds worth $186 million, or 16% less year-on-year, and the UAE – $581 million, or 12% less than a year ago.
The G7 countries banned the import of Russian diamonds from January 1, 2024, and from March 1 extended the ban to shipments of stones processed in third countries. At the same time, India is the largest exporter of processed diamonds in the world with a share of 26.5%.
In 2022, the export of diamonds brought more than 4 billion dollars to Russia, and the largest Russian producer of precious stones – the company “Alrosa” – occupied about 30% of the world market of rough diamonds.
We will remind:
Russia two years in a row shortens export of rough diamonds, the volume of exports during this time fell by more than a third.