https://sputniknews.in/20240827/russian-diamond-exports-to-india-surge-by-22-despite-g7-ban-8064694.html
Russian Diamond Exports to India Surge by 22% Despite G7 Ban
Russian Diamond Exports to India Surge by 22% Despite G7 Ban
Sputnik India
The Russian diamond exports to India increased by around 22% in January-June 2024 period as compared to the first six months of 2023, according to an analysis of official data by Russian media
2024-08-27T13:37+0530
2024-08-27T13:37+0530
2024-08-27T13:37+0530
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Russian diamond exports to India increased by around 22% in January-June 2024 period as compared to the first six months of 2023, according to an analysis of official data by Russian media.Around 77% of the Russian exports to India were "gem-quality diamonds", the report based on official data from the Indian Ministry of Commerce and Industry.He noted that the global diamond industry was grappling with a falling demand and declining prices.Last year, the world diamond production witnessed a year-on-year (YoY) decline of 8%, leading to total output falling to 111.5 million carats, the Kimberley Process has learnt.New Delhi, a major importer of Russian roughs and the biggest global exporter of polished diamonds primarily to the US and EU, has objected to a G7 proposal to route gems through Antwerp to validate their origin.
https://sputniknews.in/20240823/india-warns-us-of-retaliatory-steps-over-russian-diamond-ban-8053915.html
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Russian Diamond Exports to India Surge by 22% Despite G7 Ban
The statistics of India-Russia diamond trade have surfaced amid ongoing concerns in India over the G7 ban on Russian diamonds weighing above 0.5 carat, which kicked in January.
Russian diamond exports to India increased by around 22% in January-June 2024 period as compared to the first six months of 2023, according to an analysis of official data by Russian media.
Around 77% of the Russian exports to India were "gem-quality diamonds", the report based on official data from the Indian Ministry of Commerce and Industry.
Alexander Tokmin from BCS Global Markets forecast that Russian diamond exports to India would average below 10 million carats at the end of the year, given that both the countries continue to sustain the current trade levels.
He noted that the global diamond industry was
grappling with a falling demand and declining prices.
Last year, the world diamond production witnessed a year-on-year (YoY) decline of 8%, leading to total output falling to 111.5 million carats, the Kimberley Process has learnt.
New Delhi, a major importer of Russian roughs and the biggest global exporter of polished diamonds primarily to the US and EU, has objected to a G7 proposal to route gems through Antwerp to validate their origin.
