Russian diamond mining companies are reducing exports to key markets, Kommersant writes, citing statistics from India and Belgium. According to the Indian Ministry of Industry and Trade, imports of rough diamonds in March amounted to 209 thousand carats, which is half as much as in March 2021. In total, from January to March, Russia delivered 718 thousand carats to India, which is 45% lower than the level of the same period last year (1.3 million carats). In monetary terms, diamonds imported to India from the Russian Federation rose in price by 27% in March, to $78 million. Deliveries of Russian diamonds to Europe also decreased in March, the newspaper writes. According to Eurostat, Russian imports to the EU (Belgium, Antwerp is one of the world’s main diamond trading centers) amounted to 1.5 million carats, which is three times less than March 2021. At the same time, analysts are confident that problems with transport and financial logistics will eventually be resolved. “We see the potential for growth in diamond prices and do not expect a significant reduction in ALROSA’s production,” said Boris Krasnozhenov, head of analytical research at Alfa-Bank. He notes that demand for investment diamonds is also growing in the world, which provides additional support for the industry. Source : FINMARKET.RU

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