Russian Federation: Diamond Market 2024

Diamond Market Size in the Russian Federation

The Russian diamond market surged to $X in 2022, growing by X% against the previous year. Overall, consumption continues to indicate a moderate increase. Diamond consumption peaked at $X in 2020; however, from 2021 to 2022, consumption stood at a somewhat lower figure.

Diamond Production in the Russian Federation

In value terms, diamond production rose modestly to $X in 2022 estimated in export price. The total output value increased at an average annual rate of X% over the period from 2012 to 2022; the trend pattern remained consistent, with only minor fluctuations throughout the analyzed period. The pace of growth was the most pronounced in 2013 when the production volume increased by X% against the previous year. As a result, production attained the peak level of $X. From 2014 to 2022, production growth failed to regain momentum.

Diamond Exports

Exports from the Russian Federation

In 2022, the amount of diamonds and other precious stones (unworked) exported from Russia declined markedly to X tons, reducing by X% compared with the previous year's figure. In general, exports continue to indicate a relatively flat trend pattern. The most prominent rate of growth was recorded in 2021 with an increase of X%. As a result, the exports attained the peak of X tons, and then declined markedly in the following year.

In value terms, diamond exports reduced to $X in 2022. Over the period under review, exports continue to indicate a relatively flat trend pattern. The most prominent rate of growth was recorded in 2021 when exports increased by X% against the previous year. Over the period under review, the exports hit record highs at $X in 2014; however, from 2015 to 2022, the exports stood at a somewhat lower figure.

Exports by Country

India (X tons), Belgium (X tons) and the United Arab Emirates (X tons) were the main destinations of diamond exports from Russia, together accounting for X% of total exports. Hong Kong SAR, Belarus and Israel lagged somewhat behind, together comprising a further X%.

From 2012 to 2022, the biggest increases were recorded for Belarus (with a CAGR of X%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, Belgium ($X), India ($X) and the United Arab Emirates ($X) were the largest markets for diamond exported from Russia worldwide, with a combined X% share of total exports.

The United Arab Emirates, with a CAGR of X%, saw the highest growth rate of the value of exports, in terms of the main countries of destination over the period under review, while shipments for the other leaders experienced mixed trend patterns.

Export Prices by Country

The average diamond export price stood at $X per ton in 2022, growing by X% against the previous year. Over the period under review, the export price recorded a relatively flat trend pattern. The most prominent rate of growth was recorded in 2013 when the average export price increased by X% against the previous year. As a result, the export price reached the peak level of $X per ton. From 2014 to 2022, the average export prices failed to regain momentum.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Israel ($X per ton), while the average price for exports to Belarus ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to the United Arab Emirates (X%), while the prices for the other major destinations experienced more modest paces of growth.

Diamond Imports

Imports into the Russian Federation

In 2022, approx. X tons of diamonds and other precious stones (unworked) were imported into Russia; reducing by X% on 2021. Overall, imports recorded a abrupt descent. The pace of growth appeared the most rapid in 2016 when imports increased by X% against the previous year. Imports peaked at X tons in 2018; however, from 2019 to 2022, imports remained at a lower figure.

In value terms, diamond imports fell significantly to $X in 2022. Over the period under review, imports saw a relatively flat trend pattern. The pace of growth appeared the most rapid in 2015 when imports increased by X%. Over the period under review, imports hit record highs at $X in 2019; however, from 2020 to 2022, imports stood at a somewhat lower figure.

Imports by Country

In 2022, Democratic Republic of the Congo (X tons) constituted the largest diamond supplier to Russia, accounting for a X% share of total imports. Moreover, diamond imports from Democratic Republic of the Congo exceeded the figures recorded by the second-largest supplier, Brazil (X tons), fivefold.

From 2012 to 2022, the average annual rate of growth in terms of volume from Democratic Republic of the Congo totaled X%. The remaining supplying countries recorded the following average annual rates of imports growth: Brazil (X% per year) and Armenia (X% per year).

In value terms, Armenia ($X) constituted the largest supplier of diamonds and other precious stones (unworked) to Russia, comprising X% of total imports. The second position in the ranking was taken by Democratic Republic of the Congo ($X), with a X% share of total imports.

From 2012 to 2022, the average annual growth rate of value from Armenia amounted to X%. The remaining supplying countries recorded the following average annual rates of imports growth: Democratic Republic of the Congo (X% per year) and Brazil (X% per year).

Import Prices by Country

The average diamond import price stood at $X per ton in 2022, waning by X% against the previous year. Over the period under review, the import price, however, enjoyed resilient growth. The most prominent rate of growth was recorded in 2014 when the average import price increased by X% against the previous year. The import price peaked at $X,978 per ton in 2019; however, from 2020 to 2022, import prices failed to regain momentum.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was Armenia ($X,053 per ton), while the price for Democratic Republic of the Congo ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Armenia (X%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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