India sharply reduced imports of Russian diamonds: what is the reason
Kyiv • UNN
In September 2024, India reduced imports of Russian diamonds from $112 million to $1.5 million due to G7 sanctions. Belgium, Hong Kong and the UAE became the main suppliers of diamonds to India.
In September 2024, India reduced imports of Russian diamonds by 25 times compared to the same period last year. The total volume of imports amounted to only $1.5 million, while in September 2023 this amount was $112 million. This is reported by the Russian media, UNN writes.
In September, India sharply reduced imports of Russian diamonds by 25 times due to sanctions imposed by the G7 countries. The total volume of purchases decreased to $1.5 million compared to $112 million in September last year.
The sharp decline is due to the sanctions imposed by the G7 countries against Russia. Belgium ($186 million), Hong Kong ($448 million) and the UAE ($581 million) remain the main suppliers of diamonds to India.
This year, the G7 countries agreed to ban the import of Russian diamonds. Initially, the sanctions applied to rough stones, but later they were extended to minerals processed in third countries.
Recall
Diamond prices on the global market have fallen to multi-year lows due to a number of factors. Since the beginning of the year alone, the 1-carat price index has fallen by 23%.
