India bought $215 million worth of raw diamonds from Russia in August, the highest value since March 2018, when it imported $481 million worth of Russian gems, according to data from the Indian Commerce Ministry, SIA reports with reference to RIA Novosti.
India’s diamond imports from Russia quadrupled in August month-on-month, or 9% year-on-year, as the industry mulled a halt in supplies to avoid a glut.
The purchase raised this year’s total to $863 million, up 29% from 2022.
The Indian gem trade body asked other diamond-mining giants to halt supply for two months from mid-October after seeing a drop in demand for finished diamonds in the United States and China. India accounts for about 90% of the world’s diamond cutting and polishing.
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