India's cut and polished diamond exports down over 25% year-on-year to USD 16 billion , after the West imposed anti-Russian sanctions, the newspaper The Wall Street Journal (WSJ) reported.
According to Dharmanandan Diamonds - one of the largest exporters of polished diamonds in India, the company has cut production volumes by almost half in the past few months, and its annual turnover is down 30-40% from over 1 billion. USD in 2023
As the WSJ reports, citing official data, the volume of imports of rough diamonds from Russia fell by more than 20% in the period from April to June compared to the same period last year.< /p>
In December 2023, the Group of Seven (G7) countries announced the introduction of restrictions on the import of diamonds mined or processed in Russia from January 1, 2024. From March 1, restrictions also came into force for Russian diamonds weighing 1 carat or more that have been processed in other countries.
India is a world leader in cutting and polishing rough diamonds; about 90% of all grinding capacities in the world are located in the republic.