Russian diamonds sparkle in China with 80% export boost

In 2024, Hong Kong became the largest market for Russian diamonds, with imports reaching a record $752 million, marking Russia's debut in the top five diamond suppliers to the local market.

According to an analysis by the local statistics service, diamond exports to Hong Kong increased by 60% in value, rising from $479 million the previous year to $751.7 million, Caliber.Az reports via Russian media.

In physical terms, the volume of exports surged by 80%, amounting to 8.6 million carats.

As a result, Russia has secured the position of the fifth-largest diamond supplier to Hong Kong, capturing 6.3% of the market share.

Meanwhile, Armenia’s role as a conduit for Russian diamonds has grown significantly, with sharp increases in the trade of gold and diamonds between Armenia and the United Arab Emirates (UAE). 

In the first ten months of 2024, Armenia’s trade with the UAE surged by over fivefold, with exports—largely consisting of Russian gold and diamonds—accounting for more than 98% of the trade volume.

This trade expansion comes as Armenia facilitates Russian diamond exports to global markets, bypassing Western sanctions imposed on Russia after its 2022 invasion of Ukraine.

According to Armenia’s Statistical Committee, Russian exports to Armenia saw a notable rise, and large volumes of gold and diamonds have been re-exported to third countries, particularly the UAE, where they are likely processed or sold on international markets.

By Aghakazim Guliyev