Business & Economy

India Sees Surge In Russian Diamond Imports

© AP Photo / Alastair Grantdiamond
diamond  - Sputnik India, 1920, 28.03.2024
India has seen demand for Russian precious stones surge, despite countries like the UAE, the US and others continuously supplying diamonds to the South Asian giant.
India's Russian diamond imports have witnessed an annual increase of 28 percent, with the Modi government deciding to purchase more precious stones from Russia this past January, according to the data from India's trade ministry as analysed by Sputnik.

The total purchase of Russian diamonds, which stood at $79 million in September last year, has reached $112 million this year, making it the 5th-largest supplier of the precious stone to India, the data revealed.

The UAE leads the pack in diamond exports to India, increasing by 1.5 times to $772 million annually. The US comes in second place despite a 1.4 times decrease to $194 million.
Belgium holds the third spot with $138 million in exports, down from $169 million the previous year. In fourth place is Hong Kong, which saw a 1.7 times increase to $137 million in exports.
diamond - Sputnik India, 1920, 11.03.2024
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