Indian imports of Russian raw diamonds hit 5-year record in August: Statistics

Russia and India are developing cooperation in various industries, including the diamond industry, which is demonstrating record success.

India bought $215 million worth of raw diamonds from Russia in August, the highest value since March 2018, when it imported $481 million worth of Russian gems, according to data from the Indian Commerce Ministry analyzed by Sputnik.

India’s diamond imports from Russia quadrupled in August month-on-month, or 9% year-on-year, as the industry mulled a halt in supplies to avoid a glut. The purchase raised this year’s total to $863 million, up 29% from 2022.

India’s Gem & Jewellery Export Promotion Council said in late September that Russian diamond producer Alrosa had agreed to pause raw diamond exports to India for September and October.

The Indian gem trade body asked other diamond-mining giants to halt supply for two months from mid-October after seeing a drop in demand for finished diamonds in the United States and China. India accounts for about 90% of the world’s diamond cutting and polishing.