Russian rough diamond exports to India climbed by more than a fifth during the first six months of the G7 sanctions, reaching 4.1 million carats. Total sales increased by 22.23 percent from January to June 2024, according to the Indian Ministry of Commerce and Industry. However, revenue plummeted 15.22%, from $614 million to $520 million, as prices continued to fall. Russian shipments in June alone were 347,620 carats, representing a nearly 32% rise over the same month last year.
Beginning January 1, the G7 and EU governments put sanctions on all Russian diamonds weighing 1.0 carat or more, regardless of where they were cut and polished. Starting September 1, the threshold was reduced to 0.50-cts or higher. Rough diamonds transported from Russia to India can only be sold in markets outside the G7 and the EU.