Indian imports of Russian diamonds down 36% in 10M, amount to $369 mln
MOSCOW. Dec 18 (Interfax) - Direct diamond imports from Russia to India fell 36% year-on-year in January-October 2025, amounting to $369.4 million, the Indian Commerce and Industry Ministry said.
Rough diamonds worth $578.3 million were imported during the same period last year.
The dynamics of diamond exports from Russia have somewhat improved, with the decline in exports in annual terms reaching 45% in January-May.
Exports of Russian diamonds stood at $15 million in October compared to $12 million in September. September and October were periods of low trading activity, including due to the Diwali holidays at the end of October, when cutting enterprises suspended operations. The seasonal decline is compounded by concerns over U.S. trade restrictions, which may affect exports of polished diamonds from India.
According to statistics, India's total diamond imports in January-October 2025 are estimated at $13.76 billion, down 13% compared to the figure for a year ago ($15.84 billion).
The largest supplier of diamonds in monetary terms to India by a large margin remains the UAE, followed by the U.S., Hong Kong and Belgium. However, until 2022 - before the imposition of US sanctions on Russia's Alrosa - Hong Kong was second to Russia in terms of supply levels.
Diamond imports from the UAE in 10M were down 2% YoY, amounting to $6.88 billion and from Hong Kong they were down 10% to $1.98 billion. Supplies from Belgium decreased 15% to $1.58 billion and from the U.S. they fell 36% to $1.43 billion.
Imports of Russian diamonds into India began to decline in annual comparison from April 2024, which may be explained by the entry into force of G7 sanctions on Russian diamond products.
India is the world's largest producer of polished diamonds, accounting for nine out of ten of all polished diamonds, predominantly small ones, for which Russian stones were traditionally the main raw material. After the imposition of U.S. and G7 sanctions, direct diamond exports from Russia have become more difficult, and a portion of Russian raw materials may be entering the UAE from where they are imported for cutting to India. The existence of such a mechanism was indicated in particular by Martin Rapaport, head of Rapaport Group.
According to Kimberley Process estimates, Russia, which accounts for 29% of global production in monetary terms, exported 30.4 million carats worth $2.62 billion in 2024. The UAE, where no mining occurs but a global diamond trading center has been established, was the largest exporter with a level of 85.7 million carats worth $9.83 billion.
