India buys a record high quantity of Russian diamonds during 2023

India recently announced the acquisition of large quantities of diamonds with a record value of nearly 215 million US dollars during the month of August.

According to data from the Indian Ministry of Commerce and Industry, India’s imports of Russian diamonds nearly quadrupled at the end of last summer, with the increase amounting to about 9% compared to the summer of last year.

According to the data, this latest purchase is the largest of its kind, after India made another deal during which it invested in purchasing additional quantities of precious stones worth up to $481 million.

Since the beginning of this year, Indian companies have purchased diamonds from Russia worth an estimated $863 million, representing an increase of approximately 29% compared to last year.

At the request of India, Russian mining company, Alrosa has decided at the end of last September to suspend the sale of diamonds during the months of September and October.