Russia’s Rough Exports Fell — but Didn’t Collapse

Russia’s rough-diamond exports slid 24% year on year to 36.7 million carats in 2022 as governments around the world restricted imports.

The drop came even as Russia increased rough production by 7% to 41.9 million carats, according to statistics the Kimberley Process (KP) released this week. While the US and other Group of Seven (G7) nations, including the UK, have leveled sanctions against Russia for its invasion of Ukraine in February 2022, others, such as Belgium, have been slower to refuse imports from the country.

Meanwhile, global rough output grew 24% year on year to $16.02 billion. By volume, production fell 0.6% to 118 million carats. Total imports slipped 16% by volume, while global exports fell 21%.

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The decline in exports reflected the Russian situation as well as a 36% slump in the number of carats exported from Botswana, a 29% fall from the European Union, and a 14% decrease from the United Arab Emirates (UAE). The growth in the value of global production is attributable primarily to Botswana, which increased output by 27% to $4.7 billion.