Sunday, July 7, 2024

Russian Diamond Exports to Hong Kong Surge 18-Fold in Early 2024

Hong Kong—In the first five months of 2024, Hong Kong’s imports of Russian diamonds skyrocketed 18-fold year-on-year, according to data from the Hong Kong Statistics Bureau published on June 30.

Hong Kong significantly increased its imports of Russian diamonds, purchasing $657.3 million worth in the first five months of 2024. This marks a dramatic rise from $36.5 million during the same period in 2023. Consequently, Russia has ascended to the third-largest supplier of diamonds to Hong Kong, with its share of total diamond imports rising to 12% from just 1% in the previous year.

India remains the leading supplier of diamonds to Hong Kong, with imports valued at $2.9 billion, followed by Israel with $716.6 million. Notably, both India and Israel, unlike Russia, do not mine diamonds themselves.

The substantial increase in Hong Kong’s diamond imports from Russia signifies a significant shift in the global diamond market. Dubai has also emerged as a major market for Russian diamonds.

As reported by bne IntelliNews, the European Union included sanctions on Russian diamond exports as part of its twelfth sanctions package. However, due to intensive lobbying by Belgium, where Antwerp is the leading European diamond market and the primary destination for rough diamonds from Russian miner Alrosa, the sanctions were watered down and will be phased in gradually.

This surge in diamond trade between Russia and Hong Kong highlights the changing dynamics and shifting trade relationships within the global diamond industry amidst geopolitical and economic pressures.

Related Topics:

Alice is a seasoned jewelry designer renowned for her exquisite creations that seamlessly blend artistry with elegance. With a passion for craftsmanship and an unwavering commitment to quality, Alice has established herself as a distinguished figure in the world of fine jewelry. Drawing inspiration from diverse cultures and artistic movements, Alice brings a unique perspective to her designs, creating pieces that transcend mere accessories to become timeless works of art. Her meticulous attention to detail and insistence on using only the finest materials ensure that each creation reflects not only her artistic vision but also a commitment to unparalleled craftsmanship. Having honed her skills through years of dedicated practice and a keen understanding of evolving trends, Alice is adept at translating her clients' desires into bespoke, one-of-a-kind pieces. Her portfolio encompasses a range of styles, from classic and timeless to avant-garde and contemporary, showcasing her versatility and ability to cater to a diverse clientele.

Related Articles

Latest Articles