Sunday, July 7, 2024

EU Diamond Export Revenue Drops by a Quarter Amid Russian Sanctions

The European Union has seen a significant decline in its diamond export revenue, which has fallen by 25% following sanctions imposed on Russian diamonds. According to an analysis by RIA Novosti, EU diamond export revenue dropped to 2.5 billion euros from January to April this year, compared to 3.34 billion euros during the same period last year.

The sharp decline was primarily observed in non-industrial diamonds, with sales plummeting by 791 kilograms, amounting to 2.5 tons. This decrease is largely attributed to reduced imports, as the EU does not produce its own diamonds. Overall, the EU’s diamond imports fell by 29%, totaling 2.66 billion euros.

Non-industrial diamond imports were hit hardest, decreasing by 1,065 kilograms, or 890 million euros. Consequently, the EU imported 1.8 tons of these diamonds, valued at 1.2 billion euros.

A significant portion of this drop can be traced back to Russia, which has faced “diamond” sanctions since January 1 this year. In the first four months of the previous year, the EU imported 377 kilograms of non-industrial diamonds from Russia. Additionally, the UAE reduced its exports to the EU by 303 kilograms, Canada by 234 kilograms, Angola by 80 kilograms, and China by 66 kilograms.

The EU, in collaboration with G7 countries, banned the import of rough Russian diamonds starting January 1. From March 1, Western countries also began gradually restricting imports of Russian diamonds processed in third countries. However, the EU recently announced a six-month delay (until March 1 next year) in implementing a mandatory diamond certification system designed to ensure compliance with the ban on importing Russian-origin diamonds.

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