MOSCOW, July 24. /TASS/. Russia’s diamond industry is not experiencing a full-scale crisis, and the actual situation has turned out to be better than anticipated, Russian Deputy Finance Minister Alexey Moiseyev said in an interview with TASS.

"The reality is not as bad as we initially expected. One must take into account the suspension of sales that major diamond mining companies implemented at the end of last year. We are not witnessing a full-scale crisis like the one seen in 2020," he stated.

Moiseyev noted, however, that long-term trends remain a source of concern. "We are seeing new players in the market, particularly India, which is emerging as a significant consumer of diamonds. In my view, the current situation is not bad. As is often the case during periods of crisis, ‘the weak will exit, and the strong will remain.’ The strong players will be able to benefit from this later on," he said.

As previously reported, the diamond industry has been undergoing a serious downturn due to falling prices and growing competition from synthetic stones. Roughly half of the total purchases by Gokhran this year will consist of diamonds.