Page 56 - RusRPTNov23

India has also increased purchases of Russian diamonds, having bought gems worth US$886.5 million in the reporting period, a 26% year-on-year increase. In contrast, the EU has just banned the import of Russian diamonds, a move that especially impacts major EU diamond processing and sales houses in Belgium. That trade can be expected to relocate to Dubai and Bombay. Russia is one of the world’s largest diamond producers, while cities such as Antwerp used to be one of the global hubs. Belgium dropped to fifth place in global diamond imports in 2022, with just slightly over 10% of the total market, and in the face of the EU ban can be expected to further decline. The trade is now shifting as new wealth creation in Asia begins to impact the trends as opposed to declining wealth in Europe.
India was the world’s largest diamond importing nation in 2022, having imported nearly 22% of all diamonds worldwide that year, based on value. Hong Kong, the UAE, China, and Thailand are also all big buyers of globally available diamonds. None have banned Russian diamond imports.
Kazakhstan denies banning export of 106 dual-use goods to Russia. "No bans have been imposed on the export of any goods to the Russian Federation in connection to anti-Russia sanctions," the ministry's press release read on October 20.
Trade turnover between Russia and China rose by 29.5% in January-September 2023 y/y to $176.4bn, the General Administration of Customs of China reported. In September trade turnover between Russia and China amounted to $21.1bn. China’s exports to Russia reached $9.6bn, while supplies from Russia to China totaled $11.5bn. Russia mainly delivers energy resources, metals, timber, agriculture products and seafood to China, while China supplies passenger cars and trucks, appliance electronics, excavators, microprocessor units, apparel, footwear and consumer goods to Russia.
Trade turnover between Azerbaijan and Russia amounted to $3.134bn in January-September 2023, with the upsurge by 23.5% year on year, the State Customs Committee of Azerbaijan reported. Exports of Azerbaijani products to Russia totaled $864mn in nine months of this year (up 37.7% year on year), while imports from Russia gained 18.8% to reach $2.27bn. Russia ranked third among Azerbaijan's trade partners in the reporting period after Italy and Turkey, with the share of trade operations with Russia accounting for 8.01% of the republic’s total foreign trade turnover, according to the customs service. At the same time, Russia tops the list of countries, whose products are imported by AzerbaiJanuary In 2022, trade turnover between Azerbaijan and Russia increased by 23.9% and amounted to $3.71bn. The share of trade operations with Russia stood at 7.04% of the total foreign trade turnover of Azerbaijan last year.
Between January and June, Russia increased imports from Kazakhstan, Georgia, Armenia, Uzbekistan, Azerbaijan, Kyrgyzstan, Tajikistan and Turkey by a total of 37% (or $5.2bn) compared to the equivalent period last year, according to The Bell’s calculations. And this correlates with a parallel increase in European exports to the same countries, which were up 22%.
56 RUSSIA Country Report November 2023 www.intellinews.com