India activated the import of diamonds in March and diamond export
India, which accounts for about 90% of the global cut, activated the imports of diamonds and export diamonds in March. The purchases were lower than last year by 2.6%, while in January – February lagged by 34-50%. The dynamics could have a decrease in reserves among the robbers, as well as the activation of trade in anticipation of new duties in the trade confrontation of the United States and China.
In March, India imported 11.2 million carats of diamonds worth $ 1.3 billion, which is 2.6% and 6.6% less than a year earlier, respectively. These are the preliminary data of the advice on the promotion of the export of precious stones and jewelry of India (GJEPC). Since the beginning of 2025, this is a minimum gap in procurement with last year’s level. In January, Indian imports of diamonds were 34% less than a year earlier, in February – 50%.
India accounts for about 90% of the global cut of diamonds. In 2024, the country reduced purchases against the backdrop of high stocks formed in previous years. This was one of the reasons for the protracted crisis in the global diamond-brilliant market (see. « Kommersant » from March 14).
The dynamics of diamond export from India in March also improved. According to GJEPC, last month, the country increased the export of diamonds by 3.3% of the year, to 9.99 million carats, the cost of deliveries decreased by 0.76%, to $ 1.15 billion.
In January, the volume of exports decreased by a year by 9.14%, the cost of deliveries was 12.48%. In February, these indicators were lower than last year by 16.26% and 20.2%.
Analysts “BCS World Investments” indicate that the pure import of diamonds in India for the first time exceeded $ 1 billion since May 2024. The director of the group of corporate ratings, Akra, Ilya Makarov, says that importing imports may be associated with a gradual decrease in reserves accumulated in 2022–2023. “We believe that this trend may continue,” he said. At the same time, prices in the market cease to fall, they indicate in BCS. Thus, the Zimnisky Global Rouch Diamond Price Index Diamond Price Index price for a week by April 12 increased by 0.7%, to 127.8 points. The average prices for diamonds for a month by April 14 increased by 1–5.7% depending on the size of the stones, according to the index of the industry agency Rapaport.
The head of the corporate finances of ALROSA (mines more than 90% of diamonds in Russia) Sergei Takhiev says that in 2021–2022 the import was 35–40 million carats higher than the average historical values, and in 2023–2024 the indicator was 30 million carats lower. According to him, the reserves of diamonds in the cutting approached low levels by 2025, and the demand for jewelry products with diamonds exceeded the indicators noted to the pandemic. As Mr. Takhiev notes, the intensification of imports can contribute to the normalization of stocks, as well as partly “speculative” demand driven by market participants, which anticipate the restoration of prices after two years of cyclic reduction. The head of Alrosa Pavel Marinchev previously allowed the restoration of the diamond market earlier than 2027.
The analyst of the BCS Investment World Ahmed Aliyev notes that in March, the demand in the market could really be good in comparison with previous crisis periods. But, according to him, the factor of duties cannot be excluded, on the eve of which India’s fragments could increase the export of diamonds in the United States.
Rapaport warns that the US trading duties and response from China can stop the recovery of the market. “The industry is shocked by tariffs,” analysts comment.
According to BCS, the USA and China account for more than 60% of world demand for diamond jewelry. Ilya Makarov notes that if trading duties contribute to a slowdown in the economic growth, then this will certainly affect the diamond market. In the BCS, they expect that the effect of US duties announced by the United States will fully manifest in the second half of 2025.
The executive director of the Russian jewelers, Vladimir Zboykov, believes that the prospects for diamonds from natural diamonds did not become better better. According to him, over time, such stones will leave the mass jewelry segment, remaining in the premium segment. And Indian cutters will pray more large and high -quality natural stones, less – small dawn diamonds, he predicts.
