Hong Kong—In the first five months of 2024, Hong Kong’s imports of Russian diamonds skyrocketed 18-fold year-on-year, according to data from the Hong Kong Statistics Bureau published on June 30.
Hong Kong significantly increased its imports of Russian diamonds, purchasing $657.3 million worth in the first five months of 2024. This marks a dramatic rise from $36.5 million during the same period in 2023. Consequently, Russia has ascended to the third-largest supplier of diamonds to Hong Kong, with its share of total diamond imports rising to 12% from just 1% in the previous year.
India remains the leading supplier of diamonds to Hong Kong, with imports valued at $2.9 billion, followed by Israel with $716.6 million. Notably, both India and Israel, unlike Russia, do not mine diamonds themselves.
The substantial increase in Hong Kong’s diamond imports from Russia signifies a significant shift in the global diamond market. Dubai has also emerged as a major market for Russian diamonds.
As reported by bne IntelliNews, the European Union included sanctions on Russian diamond exports as part of its twelfth sanctions package. However, due to intensive lobbying by Belgium, where Antwerp is the leading European diamond market and the primary destination for rough diamonds from Russian miner Alrosa, the sanctions were watered down and will be phased in gradually.
This surge in diamond trade between Russia and Hong Kong highlights the changing dynamics and shifting trade relationships within the global diamond industry amidst geopolitical and economic pressures.
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