VLADIVOSTOK, September 8. /TASS/. The diamond market is currently taking a break to adjust to new tariff realities, Chief Executive Officer of Russia's largest diamond mining company Alrosa Pavel Marinychev said, adding that the market will continue to normalize as the intensity of the triggers' impact decreases.

"Signs of a reversal in the market appeared at the beginning of this year, and diamond prices are less volatile today than they were last year or two years ago. The market is now taking a short break necessary to adjust to new tariff realities. As the intensity of the influence of triggers decreases the market will continue to normalize," he said in an interview with TASS at the Eastern Economic Forum (EEF).

Retail demand for jewelry in the US, the largest diamond market, has been stable for a long time, the chief executive noted. "And overall, the diamond jewelry market has been at a higher level in recent years than before the pandemic: $82-84 bln versus $76-78 bln in 2018-2019," he said.

There is still a seasonal factor, with demand weakening in the summer, and geopolitical factors are also present, Marinychev added. "This year, there is also uncertainty associated with US tariffs on products from India, which supplies 90% of all diamonds in the world. But it is the final demand for diamond jewelry along with the reduction in the supply of diamonds that is of decisive importance for all parts of the diamond market," he explained.

The 10th Eastern Economic Forum took place in Vladivostok from September 3 to 6 under the theme "The Far East: Cooperation for Peace and Prosperity." The business program featured more than 100 thematic sessions divided into seven tracks. The forum brought together over 8,400 participants from more than 75 countries and territories. The Roscongress Foundation is the organizer of the EEF, with TASS as its general information partner.