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Russian Diamond Industry in Light of Kimberley Process

05 october 2009

Starting from 2004 in compliance with the terms of the Kimberley Process the Russian Ministry of Finance submits data related to diamond mining and diamond exports and imports on an annual basis and these data are then included into the general annual report of the above mentioned organization. Besides, on a half-year basis the Ministry posts information about diamond output in terms of physical amount and value on its web-site. Table 1 includes data describing diamond output and diamond export in the Russian Federation in 2003-2009.



























The analysis of the data made available by the Kimberley Process (Fig. 1 and 2) shows that up to 2005 the cost of rough diamonds mined in Russia as well as in other parts of the world was rising. Further, the average cost of diamonds in US dollars in 2005-2008 remained practically on the same level. Thus, fluctuations in prices for rough diamonds exported from the Russian Federation in 2008 were most likely due to different quality of exported rough and not by increased or decreased prices for natural diamonds. In the first half of 2009 the value of rough diamonds mined in Russia went down by 3.7 % as compared with 2008. Probably, this was because in 2009 Russian companies were selling rough diamonds mainly to Gokhran, the Russian State Repository. In the second half of 2009  prices for sold rough will most likely remain approximately at the same level, and will make 65.44 $/carat in the report on the year’s results.

According to the Ministry of Finance of the Russian Federation
2H 2009 and the whole of 2009 – author’s forecast















According to the Ministry of Finance of the Russian Federation
2H 2009 and the whole of 2009 – author’s forecast

Thus, despite the multitude of objective critical remarks recently addressed to the Kimberley Process by some of the participant countries, this organization gives a chance to see a consistent pattern for further development of the diamond business. Under this angle the prospects for the Russian diamond industry may be viewed as more upbeat despite the deep economic crisis which affected all the participants of the diamond market.

Yuri Danilov, Senior Research Fellow, Department of Rough and Polished Diamonds Complex Economy, Institute for Regional Economics of the North (Federal State Scientific Entity)