The sanctions imposed due to the aggression of the Russian Federation against Ukraine have led to a significant decrease in the volume of Russian diamond exports in 2024. Over the past decade, the volume of precious stone exports from Russia has reached a minimum, which has noticeably affected both the quantity and the value of shipments.
This is reported by Business • Media
Collapse of Exports and Price Decline
In terms of weight, Russia exported 30.37 million carats of diamonds in 2024, which is 6.27% less compared to the previous year. In monetary terms, the export fell even more sharply — by 28.6%, to $2.62 billion. This was a result of a 24% decrease in the average price of Russian diamonds, down to $86.36 per carat. At the same time, the average global price fell by 10.27% — to $105.33 per carat.
“The sanctions for Russia’s war 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 over 10 years.”
Global Market and Russia’s Position
The global diamond export also decreased last year: in weight — by 7.21% (to 284.9 million carats), in monetary terms — by 16.8% (to $30 billion). Russia’s share in global exports has decreased to 11%, and in monetary terms — to 9%.
Despite this, the Russian Federation remained one of the key players in the market in 2024, accounting for 32% of global diamond production (down from 33% in 2023). The number one producer in Russia and the world — the state company “Alrosa” — was sanctioned by the U.S. shortly after the full-scale war began in 2022. In 2024, the G7 countries imposed an embargo on Russian diamonds and subsequently banned the import of stones of Russian origin even through third countries.