Russian Diamond Exports to Hong Kong Hit Annual High in May

Russian diamond exports to Hong Kong hit their highest level of the year in May. Imports reached a value of $47 million, which was 1.5 times more than in April. This surge pushed Russia to fourth place among the top diamond suppliers to the global financial hub, up from eighth position the previous month. India remains the leading supplier, Izvestia publication said. In early April, analysts predicted a swift recovery of the diamond and gemstone market. The sector has been in crisis, with diamond jewelry prices falling globally since 2023. This price drop has hindered the sale of existing inventories, further depressing rough diamond prices.