Russia delays diamond export duty to March 2027
On June 19, it was learned that the government imposed a tariff of 8% of the customs value on rough and partially processed diamonds weighing from 0.45 carats to 10.8 carats and diamonds of special sizes – weighing more than 10.8 carats.
Consensus
- The Russian government has postponed the introduction of an 8% diamond export duty from September 1, 2026, to March 1, 2027.
- The duty applies to uncut and partially processed diamonds weighing between 0.45 and 10.8 carats, as well as diamonds of special sizes (over 10.8 carats).
- The decision was made by the Russian government and signed by Prime Minister Mikhail Mishustin.
- The duty is intended to support the domestic diamond cutting industry.
- Russia remains the world's leading diamond producer, according to data from 2025.
Points of divergence
- The export duty was introduced to address the loss of competitive advantage in the domestic cutting industry after the 2016 WTO agreement that abolished the previous 6.5% duty. — interfax
- The duty may negatively affect ALROSA, which exports about 90% of its production, especially after being added to the U.S. sanctions list in 2022 and facing a G7 import ban on Russian diamonds since early 2024. — interfax
- The global diamond market is experiencing a crisis due to declining jewelry purchases in China and increased competition from lab-grown diamonds. — interfax
- The Ministry of Finance proposed the duty to change the domestic market structure, noting that Russian diamonds are not widely consumed domestically and the market is dominated by imports. — vedomosti
- The Ministry of Finance forecasts a significant global diamond supply deficit by 2030 due to the depletion of major mining sites in Africa and Russia, with global production potentially dropping from 80–100 million to 20–30 million carats. — vedomosti
- A floating export duty of 4–7% was previously in effect from October 2023 to December 2024, based on the ruble-dollar exchange rate. — kommersant
Coverage (4 sources)
- Russian Government postponed introduction of export duty on diamonds until March 2027 — Интерфакс
- In Russia, the introduction of an export duty on diamonds has been postponed — Вести
- Cabinet postponed introduction of export duty on diamonds to March 2027 — Ведомости
- Government of Russia postponed the deadline for introducing an export duty on diamonds — Коммерсантъ