Russia supplies 32 pct of global diamond in 2024
MOSCOW, June 3 (Xinhua) -- Russia exported 30.37 million carats of diamonds in 2024, a 6.3 percent decline in comparison to the previous year, according to the data released by the Kimberley Process, an international diamond certification scheme.
Revenues from diamond exports fell by 29 percent in 2024 to 2.62 billion U.S. dollars from 3.68 billion dollars in 2023, according to the statistics. Russia produced 37.32 million carats of diamonds in 2024, maintaining the same output as in the previous year.
Russia accounted for 32 percent of global diamond supply last year, while Botswana accounted for 24 percent, Angola 12 percent, and Canada 11 percent.
Among the largest exporters of diamonds were the United Arab Emirates with a 30 percent share in global supplies, the European Union with 14 percent, and Russia with 11 percent. India was the largest importer of diamonds in 2024, according to TASS.
In an interview with RIA Novosti, Alexey Kalachev, an analyst at Russian financial services company Finam, noted that Western sanctions have had little impact on Russian diamond exports last year, and attributed the decline to a crisis in the global diamond market.
He believes that if the sanctions had worked, diamond prices would have increased due to global shortages. He said that the 29 percent drop in export revenues was in part due to a decline in shipments and lower global prices.
The Kimberley Process was established in 2000 in South Africa. Its participants are countries producing and importing diamonds, which set the goal of removing "conflict" diamonds used for arms and support of anti-government and terrorist organizations from being traded internationally and ensure transparency in the global diamond market.
The Kimberley Process ensures control over export-import operations, covering up to 99 percent of global turnover of diamonds.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Borneo Post
31 minutes ago
- Borneo Post
China's Xi held phone call with Trump: state media
Until today, the two leaders had not had any confirmed contact more than five months since the Republican returned to power, despite frequent claims by the US president that such a call was imminent. – AFP photo BEIJING (June 5): Chinese leader Xi Jinping held a phone call with US President Donald Trump today, state media reported, as the world's top two economies clash over trade. The call follows officials in Beijing and Washington accusing each other of jeopardising a trade war truce agreed last month in Geneva. It took place at Trump's request, the Xinhua news agency said without elaborating, and came after the US president appeared to dampen hopes for a quick resolution to their trade battle. 'I like President XI of China, always have, and always will, but he is VERY TOUGH, AND EXTREMELY HARD TO MAKE A DEAL WITH!!!' he posted Wednesday on his Truth Social platform. The White House did not immediately comment on the reported phone call, but had earlier suggested Trump would speak to Xi. Until today, the two leaders had not had any confirmed contact more than five months since the Republican returned to power, despite frequent claims by the US president that such a call was imminent. Trump said in a Time Magazine interview in April that Xi had called him — but Beijing insisted that there had been no call recently. Trading blame on deal Although Beijing and Washington agreed in Geneva to slash staggeringly high tariffs on each other's goods for 90 days, the two sides have since traded blame for derailing the deal. Trump argued Friday that China had 'totally violated' the agreement, without providing further details. China's commerce ministry hit back this week, saying the Trump administration had since introduced 'discriminatory restrictive measures', including revoking Chinese student visas in the United States. Washington has targeted Chinese nationals who entered the United States both legally and illegally, with the president vowing to aggressively revoke Chinese student visas. The US leader introduced in April sweeping worldwide tariffs that targeted China most heavily of all, accusing other countries of 'ripping off' the United States and running trade imbalances. Trump put a pause on the steepest levies, sparking a flurry of negotiations with trading partners. China had been hit with additional levies of 145 per cent on its goods as both sides engaged in tit-for-tat escalation. China's countermeasures on US goods reached 125 per cent. Trump has separately ramped up tensions with other trade partners, including the European Union, by vowing to double global tariffs on steel and aluminum to 50 per cent from Wednesday. – AFP China donald trump phone call us Xi Jinping
The Star
2 hours ago
- The Star
Exclusive-Ukraine hits out at Europe's payout from frozen Russian cash
KYIV/BRUSSELS (Reuters) -Ukraine's government has criticised a decision to take billions of euros of Russian wealth frozen in Europe and hand it to Western investors, warning that it weakened Europe's stand against Moscow. The criticism follows a move last month by Belgium's Euroclear to take 3 billion euros ($3.4 billion) of Russian investor cash held at the clearing firm to pay Westerners who lost out when Moscow seized their money held in Russia. Now Ukraine has warned that it sends a wrong signal and threatens to weaken Europe's hand when dealing with Russia, while it debates using the entire $300 billion of Russian wealth stranded in Europe to rebuild and defend the battered country. "If private investors are compensated before the victims of war, it won't be justice," said Iryna Mudra, a senior official in Ukrainian President Volodymyr Zelenskiy's office, in Kyiv's first public comments on the move. "It creates a perception of inconsistency, of Europe wavering in its resolve," Mudra, a deputy head of Ukraine's presidential administration, told Reuters. "International law requires that the aggressor is to make full reparation to the victim and not to investors who ... entered a high-risk jurisdiction," said Mudra, who is in charge of legal affairs in Zelenskiy's administration. The criticism comes at a critical time for the Western alliance backing Kyiv, with U.S. President Donald Trump's administration distancing itself from Europe and casting doubt over its commitment to Ukraine's defence and Russian sanctions. Mudra, one of a small circle of officials that set policy, also stressed the importance of maintaining control of the frozen Russian assets, which chiefly belong to its central bank with the majority held at Euroclear. The central bank assets were frozen at the outset of war in the single most powerful sanction directed at Russia over its full-scale invasion of Ukraine, a penalty that is deeply resented in Moscow. Euroclear in March gained clearance from Belgium, its principal legal authority, to make the payout, people familiar with the matter have told Reuters, after the European Union changed its sanctions regime last year to make this possible. A spokesperson for the Belgian government said: "This is not a Belgian decision but the application of a European regulation decided unanimously by the member states." Euroclear has emphasised that it only implements sanctions and does not take decisions about lifting them. 'MIND BOGGLING' Three Russian sources recently told Reuters that Russian President Vladimir Putin's conditions for ending the war include the resolution of the frozen assets issue. Ukraine, meanwhile, is campaigning fiercely against any return of the money to Moscow. Euroclear alone held 195 billion euros of cash in March - mainly Russian central bank funds, with some belonging to Russian investors. "If it is returned to Russia, it will be converted into tanks, missiles, drones, training of new troops," said Ukraine's Mudra. "The world ... must demonstrate that unlawful war brings irreversible financial consequences." Some see the frozen Russian wealth as a lifeline for Kyiv. In the past, the West has engineered loans and payments to Ukraine from the interest on the stranded Russian stockpile, which Putin denounced as theft. Ukrainian officials fear the Euroclear payout, even though it does not affect the central bank money, could undermine their efforts to secure an agreement on using the wider pool of Russian assets to help their country. Mykola Yurlov, an official at Ukraine's Ministry of Foreign Affairs, said the payout set a bad precedent, while Kira Rudik, a Ukrainian parliamentarian, was also critical. "Western companies were operating in Russia at their own risk. Why are these companies basically asking their societies to compensate for this risk?" Rudik told Reuters. "We need this money to rebuild and defend Ukraine." Last month's move also drew criticism abroad. "It is mind boggling that the priority is to reimburse corporate interests rather than spend the money defending Ukraine," said Jacob Kirkegaard, a sanctions expert with the Peterson Institute for International Economics, a Washington-based think tank. While the payout to investors left frozen Russian central bank reserves untouched, it made a dent in the stockpile of Russian wealth that gives the EU leverage over Moscow. More importantly for critics, it sets a worrying precedent. European Union leaders are expected to renew sanctions, including a freeze of Russian assets, at a summit meeting in June, although they could yet face an attempt by Hungary to derail those efforts. (Reporting by John O'Donnell and Tom BalmforthEditing by Tomasz Janowski)
The Star
8 hours ago
- The Star
Afghans struggle to mark Aidil Adha amid US sanctions
A young butcher holding a sheep waits for customers at a market ahead of Aidil Adha in Kabul, Afghanistan, June 4, 2025. - Xinhua KABUL: As Muslims around the world prepare to celebrate Aidil Adha, or the Feast of Sacrifice, millions in Afghanistan are grappling with deepening poverty, hunger and economic despair. Najibullah, a 45-year-old Kabul resident, travelled from northern Kabul to a livestock market in the southern part of the city in hopes of purchasing a sheep for the traditional Aidil Adha sacrifice. "I arrived here at seven in the morning to buy a sheep, but a 20-km animal costs around 13,000 afghani (roughly US$186). We can't afford it," he told Xinhua in frustration. Najibullah, the sole provider for a family of five, pointed to frozen Afghan assets abroad as a key factor behind the crisis. "If the Afghan people's frozen assets were released, there would be more job opportunities. More construction projects would take place. People could find work, and our lives would be better," he said. He estimates that nearly 70 per cent of Afghans are unable to afford livestock for Aidil Adha due to ongoing US sanctions. "Most people's tables are empty because they don't have enough money," Najibullah added as he returned home without making a purchase. Instead of serving lamb, he plans to offer dried fruits to guests this year. The United Nations has warned that nearly half of Afghanistan's population, about 22.9 million people, will require humanitarian assistance by 2025 as the country struggles to meet both chronic and acute needs. Naqibullah, a butcher from eastern Wardak Province, travels to Kabul annually ahead of Aidil Adha to earn a living. "In the past, business was booming, but now, there is barely any work and the job market is taking its last breaths," he explained. This young butcher visits the market daily, looking for customers until the evening; however, there are no signs of improvement. "This year, our economy is so weak that I can't afford to make a sacrifice myself. Even some of our neighbours can't afford dinner," Naqibullah lamented. Afghans continue to voice frustration over mounting unemployment and worsening poverty, as approximately US$9 billion of Afghanistan's assets were frozen by the United States in August 2021. While a few buyers are seen browsing livestock markets in Kabul, many livestock farmers have brought their animals from neighbouring provinces, hoping to sell them. Mohammad Younis, a veteran livestock trader in Kabul with a decade of experience, said this year's Aidil Adha market has been the worst he's seen. "People want to buy cattle or sheep, but prices are too high and their wallets are empty, so they leave empty-handed," he said, anxiously scanning the market for potential customers. Younis blamed the dire situation in part on US policies. He believes decades of conflict and foreign occupation have devastated Afghanistan's economic foundations. As in other Muslim countries, Aidil Adha in Afghanistan is traditionally celebrated with animal sacrifices and family visits. But for many this year, it has become a painful reminder of hardship rather than a celebration. Shakir Yaqubi, an Afghan economist, said that US financial sanctions have crippled Afghanistan's trade and frozen development. "This Aidil Adha, for many Afghan families, is a day of economic struggle rather than a festive occasion," he noted. "Without coordinated actions from the government or international community, poverty will deepen, and social divisions will grow." - Xinhua
