Just when many thought the global diamond market was still in a slump, Russia’s diamond trade has found a new shimmer of hope—thanks to a significant uptick in exports to Hong Kong this May.
According to recent reports, Russian diamond shipments to the financial powerhouse reached their highest value this year, signaling a potential turnaround for a struggling industry.
May Sees Russia Climb the Ranks in Diamond Trade
In May, Russian diamond exports to Hong Kong soared to $47 million in value.
That’s a jump of about 1.5 times more than what was recorded in April.
The increase was so significant that Russia moved up the global supplier ladder—from eighth to fourth place among countries selling diamonds to Hong Kong.
India still holds the top spot as Hong Kong’s largest diamond supplier, but Russia’s leap signals a major shift in the market dynamics, especially considering how slow trade has been in recent months.
The Diamond Market Has Been Through a Rough Patch
This rebound in Russian exports is happening amid a broader backdrop of uncertainty in the diamond industry.
Since 2023, diamond and gemstone prices have taken a hit, particularly in the jewelry sector.
Retail sales have slowed, inventories have piled up, and the demand for rough diamonds has cooled dramatically.
Earlier this year, analysts did forecast that the gemstone market could start bouncing back—and May’s numbers from Hong Kong might just be the first sign of that recovery.
De Beers Quietly Slashes Prices to Clear Out Stock
Adding another layer to the story, diamond giant De Beers has reportedly started selling rough diamonds to a select group of buyers—but with deep discounts.
The goal? Move excess stock without officially reducing listed prices and shaking up the market too much.
This quiet tactic suggests just how cautious players in the industry are being.
While demand may be picking up in places like Hong Kong, the broader market is still fragile and sensitive to sudden shifts.
A Quick Look at What Makes Diamonds So Unique
While we’re on the subject, here’s a quick refresher on what makes diamonds more than just pretty stones.
Diamonds are actually made of carbon, just like graphite, but arranged in a tightly bonded crystal structure called the diamond cubic.
They’re tasteless, odorless, and colorless in their purest form—and while they don’t conduct electricity well, they’re famous for their incredible hardness and heat conductivity.
That’s why diamonds aren’t just for engagement rings—they’re also essential tools in industrial cutting and polishing, and even used in scientific equipment like diamond anvil cells to recreate extreme pressures.