India's Russian diamond imports fall 62% in first half of 2026

India's diamond imports from Russia experienced a significant decline of 62% during the first half of 2026, according to Russia's Interfax news agency. The value of imports plummeted from $281 million in 2025 to $106 million in 2026. This downward trend has been ongoing since April 2024, following the implementation of G7 sanctions on Russian diamond products.

In 2025, India's total diamond imports from Russia amounted to $406 million, marking a 39% decrease compared to 2024. However, India's overall diamond imports for the same period reached $7.1 billion, which represented a 16% reduction compared to the previous year. The United Arab Emirates emerged as the leading diamond supplier to India, followed by Hong Kong, the United States, and Belgium.

It is worth noting that prior to 2022, Hong Kong had trailed Russia in diamond supply volume, but gained ground following the imposition of sanctions on Alrosa, Russia's largest diamond mining company. Diamond imports from the UAE during the first half of 2026 saw a 27% decline compared to the prior year, totaling $3.17 billion.

Conversely, supplies from Hong Kong increased by 48%, reaching $1.44 billion. Imports from Belgium experienced an 18% drop, amounting to $813 million, while those from the United States fell by 11%, totaling $822 million. The decline in imports of Russian diamonds began in April 2024, coinciding with the enforcement of G7 sanctions on Russian diamond products.

India stands as the world's largest diamond manufacturer, accounting for nine-tenths of the global diamond production. The majority of these diamonds are small stones, with Russian rough diamonds historically serving as the primary raw material. Alrosa, a prominent Russian diamond mining company, reported a net loss of 10.67 billion rubles ($127 million) for the first half of 2026.