Diamond exports from the Russian Federation in 2024 have fallen to their lowest level in over a decade due to international sanctions imposed for the aggression against Ukraine. By the end of the year, foreign shipments of precious stones from Russia decreased by 6.27%, totaling 30.37 million carats in natural terms.
This is reported by Finway
Significant Decline in Revenue and Diamond Prices
In monetary terms, exports of Russian diamonds last year plummeted by 28.6% compared to the previous year, amounting to $2.62 billion. This decrease was caused by a sharp drop in prices for Russian diamonds, which fell by 24% over the year to $86.36 per carat. In comparison, the global average price declined by 10.27% to $105.33 per carat.
“Sanctions due to the war of the Russian Federation against Ukraine have severely impacted the supply of Russian diamonds to the global market: in 2024, the minimum volume of precious stones was exported from Russia in more than 10 years.”
Russia’s Position in the Global Diamond Market
Global diamond exports also showed a decline: volumes in 2024 decreased by 7.21% to 284.9 million carats, and in monetary terms, by 16.8% to $30 billion. By the end of the year, Russia’s share in global diamond exports was 11%, while in monetary terms it was only 9%.
Despite the pressure from sanctions, the Russian Federation remained one of the largest players in the market in 2024, accounting for 32% of global diamond production (down from 33% the previous year). The diamond production in Russia is primarily handled by the state corporation “Alrosa,” which was sanctioned by the U.S. after the onset of the full-scale war in 2022. In 2024, the G7 countries imposed an embargo on Russian diamonds and also banned the import of stones of Russian origin even through third countries.