Russian diamond exports reduce to a decade low

Russia’s diamond exports have fallen to their lowest level in over a decade, the Kommersant business daily reported Tuesday, citing newly released international data. Once a cornerstone of the country’s export economy, the Russian diamond sector has been hit hard by Western sanctions imposed over the war in Ukraine and a wider global downturn, reports The Moscow Times.

According to figures from the Kimberley Process, a global certification scheme for rough diamonds, Russia exported 30.37 million carats in 2024, a 6.27% drop from the previous year and the lowest figure since at least 2015. In value terms, Russian diamond exports plunged 28.6% last year to $2.62 billion as buyers fled and prices for Russian stones fell 24% to $86.36 per carat. That decline outpaced the global average price drop of 10.27% to $105.33 per carat.

Russia’s share of global diamond exports by volume stayed at 11%, while its share by monetary value slid from 10% to 9%. The country accounted for 32% of world diamond production in 2024 compared with 33% a year earlier, or 37.32 million carats.

In value terms, Russian diamond exports plunged 28.6% last year to $2.62 billion as buyers fled and prices for Russian stones fell 24% to $86.36 per carat. That decline outpaced the global average price drop of 10.27% to $105.33 per carat. Russia’s share of global diamond exports by volume stayed at 11%, while its share by monetary value slid from 10% to 9%. The country accounted for 32% of world diamond production in 2024 compared with 33% a year earlier, or 37.32 million carats.