The Russian Federation is pursuing new markets in partnership with other major diamond producers, with particular emphasis on Africa. This information comes from the press service of the Ministry of Finance of the Russian Federation, as reported by RIA News.
The ministry indicates that Russia is deepening ties with other diamond-producing nations and actively exploring fresh market opportunities in collaboration with them. Industry representatives from the cutting and retail sectors, including attendees from the Middle East and Asia, are participating in these efforts to expand supply chains and distribution channels.
Some observers have warned that sanctions imposed by the G7 on Russian diamonds could reduce global supply and push prices higher. The concern is that restricted access to Russian stones might tighten markets and affect pricing dynamics across consumer markets.
Officials from the Ministry of Finance have suggested that sanctions may not have a dramatic effect on the domestic market, emphasizing resilience and adaptability within the national diamond sector. They note ongoing measures to support market stability and sustain domestic trade flows despite broader geopolitical constraints.
There have been indications that African markets have shown a preference for diversifying payment methods, with a shift away from traditional currencies in some export transactions involving Russia. This development is viewed as part of a broader trend toward greater currency flexibility in international commodity trade, influenced by regional market conditions and bilateral agreements.