In August, India purchased a record amount of diamonds from Russia for $215.1 million since March 2018. RIA News Based on data from Ministry of Commerce and Industry of India.
In the last month of summer, India increased its Russian diamond imports by 4 times on a monthly basis and by 9 percent on an annual basis. In March 2018, the country purchased $481 million worth of these precious stones at once.
In total, since the beginning of 2023, Indian companies have purchased diamonds from Russia for $863 million; this is 29% more than in 2022.
European Council President Charles Michel at the beginning of October declarationHe said that the European Union is preparing sanctions against Russian diamonds that will come into force from next year.
Analyst Leonid Khazanov registeredHe said that a complete ban on the supply of Russian diamonds could seriously damage the global market for precious stones. According to him, such sanctions could “destroy the industry to its core”, as there is nothing to replace Russia as the largest producer.
Previously temporarily ALROSA stopped Supply of diamonds to India.