GENERICO.ruEconomicsFor the first time, Russia occupied more than a third of the world diamond production market

For the first time, Russia occupied more than a third of the world diamond production market

< br />

MOSCOW, November 5 Russia produced more than a third of all natural diamonds in the world for the first time in 2022, and together with African countries it occupies almost 90% of the world market , while the UAE and Europe became the leaders in export volumes of this raw material, calculated based on data from the Kimberley Process, created to combat “blood diamonds.”
Thus, according to data for last year, the volume of diamond production in the world amounted to 119.96 million carats. Of these, 41.9 million were in Russia – a record 35% of the market. Prior to this, since 2004, Russia accounted for only 22% to 33% per year in global diamond production.

Another 61.6 million carats were mined in African countries. The continent's largest diamond producers are Botswana (24.5 million carats), the Democratic Republic of the Congo (9.9 million carats) and South Africa (9.7 million carats). In addition to Africa, the leaders in terms of production volumes in the Kimberley Process were Canada (16.3 million carats) and Brazil (158 thousand carats).

At the same time, the main exporters of rough diamonds turned out to be far from the countries that produce them. The United Arab Emirates sold the most diamonds in 2022 – 89.4 million carats (27% of world exports), and the European Union – 75.2 million carats (22.7%), which did not mine this stone at all.

Also in the top countries in terms of supply volumes of these precious stones to the world market were Russia (36.7 million carats – 11.1%), Botswana (27.1 million carats), India, which does not produce its own diamonds (26.1 million carats), Canada (16.3 million carats), Congo (11.6 million carats) and South Africa (10.8 million carats).
The head of the European Commission, Ursula von der Leyen, reported in October that preparations are now underway for the 12th package of EU sanctions against Russia, which should include a ban on the import of Russian diamonds after agreeing on the corresponding sanctions mechanism with the G7 countries. Prior to this, also in October, Belgian Prime Minister Alexander de Croo said that the EU and the G7 were “close” to creating a system that would allow the introduction of sanctions against Russian diamonds.

Previously, the media reported that the G7 countries, followed by the EU, intend to soon announce the introduction of sanctions against Russian diamonds and polished diamonds . It is expected that sanctions may come into effect from January 1, 2024. At the same time, the world's largest representatives of the diamond market did not approve the mechanism of restrictions during a recent private presentation in the United States of the planned measures.

LEAVE A REPLY

Please enter your comment!
Please enter your name here

LATEST POSTS in this category