According to the Kimberley Process (KP) data, diamond exports from Russia decreased by 12% in 2023, totaling 32.4 million carats compared to 36.7 million carats the previous year. The value of these supplies also saw a decline, falling to nearly $3.7 billion from $3.87 billion a year earlier.
Diamond production in Russia also experienced a downturn, dropping to 37.3 million carats, an 11% Year-on-Year (YoY) decrease. Despite this, Russia still accounted for 33% of global diamond production in 2023. In comparison, Botswana produced 23%, Canada 14%, Angola 9%, and the Republic of Congo 8% of the world’s diamonds.
The report highlighted that the United Arab Emirates (UAE) emerged as the largest diamond exporter in 2023, holding a 30% share of the market. The European Union followed with a 17% share, while Russia accounted for 11% of global diamond exports. India was noted as the largest diamond importer, with a 42% share, equating to 128 million carats of global imports.
The Kimberley Process, established in 2000 in Kimberley, South Africa, is an international initiative under the United Nations’ auspices. It is led by the governments of more than 80 participating states, including both diamond-producing and importing countries.
The initiative is committed to eliminating conflict diamonds, which are used to fund and support anti-government and terrorist organizations, from the international trade. The Kimberley Process ensures stringent control over export-import transactions, covering up to 99% of the global diamond trade.
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Shaping India’s $100 Billion Gems & Jewellery Future
At the Chintan Shivir on the 2040 Roadmap, Commerce Secretary Shri Rajesh Agrawal outlined a vision to grow India’s gems & jewellery sector from ~$29B to $100B, driven by innovation, technology, design, global branding.
Shaping India’s $100 Billion Gems & Jewellery Future
At the Chintan Shivir on the 2040 Roadmap, Commerce Secretary Shri Rajesh Agrawal outlined a vision to grow India’s gems & jewellery sector from ~$29B to $100B, driven by innovation, technology, design, global branding.
Heera Zhaveraat (HZ International) A Diamond, Watch and Jewellery Trade Promotion Magazine provide dealers and manufactures with the key analytical information they need to succeed in the luxury industry. Pricing, availability and market information in the Magazine provides a critical edge.
