KYIV. UkraineGate , 6 , June , 2022 | World News.
Russia has reduced diamond exports to major markets – India and Europe. Due to the sanctions imposed on the Russian company “ALROSA”, there are problems with payment. This was reported by Russian media .
Details
Russian diamond mining companies are losing exports but not losing revenue from diamond sales.
According to the Ministry of Industry and Trade of India (the world’s largest market for rough diamonds), in March imports of rough and non-industrial diamonds from which diamonds are produced amounted to 209 thousand carats – twice less than in March 2021. From January to March, Russia delivered 718,000 carats to India against 1.3 million in the same period last year. At the same time, the value of imports in money in March increased by 27% to $ 78 million.
Moreover, Russian diamond supplies to Europe also declined in March, but not in value.
According to Eurostat, Russian imports to the EU (Belgium) amounted to 1.5 million carats, which is three times less than in March 2021. However, the value of all imports in March was 185 million euros against 162 million euros a year ago.
The EU, the United States and the United Kingdom have imposed sanctions on ALROSA. As for America, the country has banned the direct import of Russian gems, but does not ban the import of diamonds that have been processed in other countries.
The publication reminds that India does not support sanctions against Russia, but there were difficulties with the payment. According to Bloomberg, Indian traders discussed in April with “ALROSA” ways to buy diamonds, including the currency of payment: rubles or rupees.
Bank of America analysts forecast a 15% rise in prices amid high demand and falling supply. Another major player in the De Beers market is limited in production growth, so price growth, according to analysts, may continue.
Source: Ukrgate
