Hong Kong significantly increased its purchases of natural diamonds from Russia, recording a fivefold rise to 252.3 million dollars in January–September 2023. This surge placed Hong Kong among the top five Russian diamond importers for the first time since 2017, according to RIA News, which cites data from various national statistical services. The shift underscores how markets across different regions responded to changing supply dynamics in the Russian diamond trade during that period.
In the January–September window, India remained the leading buyer, boosting its Russian diamond imports by 16 percent to nearly 1 billion dollars. Belgium followed in second place with 315 million dollars in purchases, while Armenia also featured prominently, with imports increasing by about 50 percent to 200 million dollars. China joined the top five, expanding its purchases almost threefold to 40.7 million dollars.
Beyond these leaders, other notable buyers included the United States, Japan, South Africa, Mauritius, Macau, and Azerbaijan, all reported to have acquired Russian diamonds during the same timeframe. The United Arab Emirates did not disclose statistical data on this matter. Last year, Abu Dhabi emerged as the largest single buyer of diamonds from Moscow, with imports reaching 1.6 billion dollars.
As the European Union prepared for its 12th sanctions package against Russia, discussions centered on a potential ban on Russian diamond imports to G7 nations. The G7 comprises the United Kingdom, Germany, Italy, Canada, France, Japan, and the United States. Proposals suggested a phased ban on imports of Russian diamonds via third countries could begin in the spring, accompanied by plans to establish a trusted verification and certification mechanism for rough diamonds by September 1.
Dmitry Peskov, the press secretary for the Russian president, stated on December 7 that domestic firms were gearing up for possible Western sanctions on Russian diamonds. A Kremlin official noted that the restrictions had been anticipated for months and that Russian companies had been taking precautionary steps to mitigate potential impacts to their operations.
The United States treasury had previously extended sanctions related to Russia, reinforcing the broader policy environment affecting the diamond trade. The evolving regulatory landscape, combined with shifting buyer behavior, continues to shape how Russian diamonds traverse global markets and how major trading hubs adapt to new compliance requirements. The industry remains attentive to policy developments, market signals, and the readiness of both producers and buyers to navigate a changing international framework. (citation: RIA News, drawing on multiple national statistical sources)