According to the latest figures from the Kimberley Process, Russia’s rough diamond exports declined significantly in the past year amid worldwide sanctions following the invasion of Ukraine.
Russia’s rough exports declined by 24 per cent on a year-by-year comparison in 2022, totalling 36.7 million carats.
Despite the decline, rough production increased by seven per cent to 41.9 million carats. Global rough output increased by 24 per cent on a year-by-year comparison to $US16.02 billion, while production was close to neutral (0.6 per cent decline).
“While the US and other G7 nations, including the UK, have levelled sanctions against Russia for its invasion of Ukraine in February 2022, others, such as Belgium, have been slower to refuse imports from the country,” writes Leah Meirovich of Rapaport News.
“The decline in [global] exports reflected the Russian situation as well as a 36 per cent slump in the number of carats exported from Botswana, a 29 per cent fall from the EU, and a 14 per cent decrease from the United Arab Emirates.”
An increase in the value of global production was attributed to Botswana, which improved output by 27 per cent. Total imports slipped 16 per cent by volume and global exports fell 21 per cent.
Recent media reports have suggested that harsher sanctions will be installed against Russia in early 2024.
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