After sanctions were imposed on Russian diamonds, the European Union saw a significant decline in diamond exports, falling by a quarter to 2.5 billion euros from January to April this year, according to analysis from RIA Novosti based on association data.
During the first four months, the EU exported diamonds worth 2.5 billion euros, down from 3.34 billion euros the previous year. The largest drop was in non-industrial diamonds, with sales decreasing by 791 kilograms to 2.5 tons.
The primary reason for the sales decline is reduced imports, as the EU does not produce these diamonds domestically. Overall imports decreased by 29% to 2.66 billion euros.
Similarly, non-industrial diamond imports saw the biggest decline, down by 1,065 kilograms or 890 million euros. This resulted in 1.8 tons of these diamonds valued at 1.2 billion euros being imported.
Approximately one-third of the reduced volume came from Russia, which faced “diamond” sanctions starting January 1 this year. In the same period last year, the EU imported 377 kilograms of non-industrial diamonds from Russia. The UAE reduced exports to the EU by 303 kilograms, and Canada by 234 kilograms. Significant declines were also noted in supplies from Angola (-80 kilograms) and China (-66 kilograms).
Since January 1, the European Union, along with G7 countries, has prohibited the import of rough Russian diamonds. Starting March 1, Western nations have gradually restricted imports of Russian diamonds processed in third countries. However, the EU announced a six-month delay until March 1 next year for the implementation of a mandatory diamond certification system to ensure compliance with the ban on importing Russian-origin precious stones.
