Russian exports of rough diamonds to India surged by over 20% in the first half of 2024, reaching 4.1 million carats despite G7 sanctions. The increase, reported by India’s Ministry of Commerce and Industry, represents a 22.23% rise from January to June. However, revenue dropped by 15.22%, falling from $614 million to $520 million due to declining prices.
In June alone, Russian exports to India totaled 347,620 carats, marking a nearly 32% increase compared to the previous year. Sanctions imposed by the G7 and EU, effective January 1, banned all Russian diamonds of 1.0 carat and above, with the threshold lowered to 0.50 carats starting September 1.
Currently, rough diamonds imported from Russia to India can only be sold to markets outside the G7 and EU. India’s diamond industry has urged the government to permit direct payments to Russia to facilitate the acquisition of sanctioned goods.
