OREANDA-NEWS Russia cut diamond exports to key markets, India and Europe. However due to higher rough diamond prices Russian companies didn't lose any revenue, Gazeta.ru reported citing the Kommersant newspaper.

Citing data from the Indian Ministry of Commerce and Industry the paper writes that imports of rough diamonds in March halved compared to 2021. However, its value went up by 27% to $78 million.

There was also a decrease in exports to European countries. In Belgium, according to Eurostat, Russia imported 1.5 million carats, which is three times less than in March 2021. However, the value of total imports in March is €185 million compared to €162 million a year ago.

The newspaper also writes that the sanctions have affected the deficit of diamonds on the global diamond market. Analysts at Bank of America forecast a 15% rise in prices on the backdrop of high demand and falling supply.

It was reported that European jewelry brands started to refuse purchases of Russian-made diamonds, despite the fact that sanctions are not related to Russian rough and the supply is not restricted.