Russia to Impose Diamond Export Duties in 2024 to Boost Local Industry
Russia’s Diamond Export Policy and Industry Impact
Government Plans for Export Duties
MOSCOW, May 19 (Reuters) - Russia plans to introduce some diamond export duties this year to support the struggling domestic diamond-cutting industry, a deputy finance minister said on Tuesday.
Consultations with Alrosa
Alexei Moiseev said the finance ministry was discussing its proposed "lenient" export tariff scheme with Russian diamond miner and exporter Alrosa, the world's largest diamond producer by carat.
Protecting Domestic Expertise
"If we wait a little longer, we will simply lose the (diamond-cutting) expertise we still have," he said, adding that the tariffs would only apply to stones that are cost-effective to cut in Russia.
State Involvement and Sanctions
Moiseev said the ministry saw no need to buy diamonds for the state-owned repository Gokhran from Alrosa even as the company faces a protracted crisis in the diamond industry.
International Sanctions and Market Response
It has been under U.S. sanctions since 2022. In January 2024, G7 countries banned the import of Russian diamonds.
Market Stabilization and Production Outlook
"As for Alrosa, firstly, things aren't so bad. Secondly, we see signs of market stabilisation," Moiseev said.
Alrosa reduced production by 10% to 29.8 million carats in 2025 and forecasts a further decline in 2026 to 25-26 million carats.
(Reporting by Elena Fabrichnaya. Writing by Lucy Papachristou, Anastasia Lyrchikova and Alessandra Prentice. Editing by Guy Faulconbridge and Mark Potter)
