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India refuses Russian diamonds due to international sanctions

In September 2024, India reduced its imports of Russian diamonds by 25 times compared to the same period last year. As reported by the Russian media with reference to the Ministry of Industry and Trade of India, the volume of imports from Russia amounted to only $1.5 million against $112 million in September 2023.

Such a sharp drop is connected with the introduction of sanctions by the G7 countries against Russia. The main suppliers of diamonds to India remain Belgium ($186 million), Hong Kong ($448 million) and the United Arab Emirates ($581 million).

We will remind that the G7 countries decided to ban the import of Russian diamonds. Initially, all unprocessed gemstones were banned, but later the sanctions were extended to processed diamonds as well.

Meanwhile, the head of Endiama Mining SA, Jose Ganga Junior, stated the problems that Angola is experiencing due to cooperation with the Russian “Alrosa”, which owns 41% of the shares of the Catoca diamond association. Although Angolan diamonds are not formally subject to sanctions, the connection with the Russian company creates barriers for customers. In order to support Alrosa, which was under sanctions and embargoes, the Russian authorities will start buying diamonds from the federal budget for the first time in 15 years.

 

See also  UK creates unit to monitor compliance with trade sanctions against Russia

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