Russian diamond producer Alrosa announced on Tuesday that it had decided to temporarily suspend operations at its less profitable deposits.

By value, these imports plunged 39% to $664 million last year from $1.093 billion in 2023. The average price of Russian diamonds imported by India fell 28% to $115.70 per carat in 2024 from $160.70 ...

The mechanism, part of the EU's sanctions package against Russia, is now due to come into effect on January 1, 2026.

Russian diamond producer Alrosa reported a significant decline in revenue and profit over the past financial year, impacted by weak demand and economic sanctions.