Russia has maintained its presence in the Indian diamond market and even increased supplies by more than 22% despite the anti-Russian sanctions imposed by the West, according to the data from the Indian Ministry of Commerce and Industry.
According to the Ministry, from January to June this year, imports of Russian diamonds increased by 22.23% compared to the same period last year. The Ministry noted that revenues from diamond shipments to India fell by 15.22% over the same period – from $613.72 mln to $520.33 mln.
After the start of Russia’s special military operation, the G7 countries announced the introduction of restrictions on the import of jewelry diamonds from Russia from January 1, 2024. The limit for Russian diamonds was set at 1 carat and over from March 1 and was expected to be lowered to 0.5 (1 carat – 0.2 g) from September 1, 2024.
The restrictions were later relaxed. Until September 1, 2025, shipments of Russian diamonds of 1 carat or more cut outside the Russian Federation are allowed into the United States if they have not been exported from Russia after March 1, 2024. The EU made a similar decision earlier.
India is the world leader in rough diamond cutting and polishing, with about 90% of the world’s polishing capacity located in the country.
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