Diamonds are one of the world’s most expensive and rare natural resources. They are mined in many places around the world, but only a few countries are the biggest producers of diamonds. The countries that ship the most diamonds are known for having many diamond reserves, cutting-edge mining techniques, and good supply chain management systems. As a result, these countries are very important to the diamond business because they shape the global diamond market and have a big effect on prices.
Every year, billions of dollars are traded in the gem trade, a very profitable and competitive business. Only some countries, like Russia, Botswana, Canada, and Australia, make up most of the diamond export market. South Africa, Angola, Namibia, and the Democratic Republic of the Congo are well-known gem-exporting countries.
Each country’s diamond exports are different in terms of how many, how good, and how much they are worth. For example, Russia is known for making diamonds of high quality, but Botswana is the world’s biggest diamond producer by value. On the other hand, Canada is known for making ethical gems that do not come from war zones.
There are also a lot of moral and environmental problems in the diamond industry, such as the use of child labour, conflict gems, and the damage that diamond mining does to the environment. Because of this, many countries have put in place rules and certification systems to ensure that diamonds are mined and sold responsibly.
Facts About Diamond Export:
- In 2021, the total value of diamond exports from all nations was US$109.5 billion.
- In 2021, India was the biggest producer of diamonds in the world.
- India is the biggest place in the world where diamonds are cut and polished. Over 90% of the rough diamonds worldwide are cut and polished in India.
- Regarding regions, diamonds from Asia were worth $64.8 billion, or 59.2% of their total value, on the export market in 2021.
- Since 2020, China’s diamond exports have grown the most (up 91.3%).
- In 2021, diamonds were the 24th most traded good in the world, worth $114 billion.
- Only 0.0054% of all trade in the world is in diamonds.
- It is thought that Russia has the most diamonds, with 650 million carats.
- The United States buys more diamonds than any other country, about 40% of all diamonds sold worldwide.
- Canada is known for making high-quality gems that are mined ethically.
- Canadian diamonds can be tracked from the mine to the market and confirmed conflict-free.
- Lab-grown diamonds have become more popular over the past few years, and sales are expected to hit $15 billion by 2035.
- The Cullinan diamond was found in South Africa in 1905. It was the largest diamond ever found. It was cut into several smaller diamonds after it was cut into more than 3,100 carats.
- The trade-in of diamonds from conflict zones was made illegal by the Kimberley Process Certification Scheme in 2003. There is a global framework in place to prevent conflict diamonds from being sold for profit.
- There are only a few big companies in the diamond business. These include mining companies like De Beers and Alrosa and jewellery stores like Tiffany & Co. and Cartier.
The top 5 nations with the highest diamond exports are:
- Total value – $24.7 billion
- Percentage of exports – 22.6%
India was the largest diamond exporter in the world. In 2021, It was the biggest diamond exporter worldwide, with a total export value of $24.7 billion. However, that year, diamonds were the second most-exported item from India.
Even though India is the largest diamond producer by value, it is a country with few diamond mines. Instead, it is the largest diamond polishing country in the world. In 2019, India shipped nearly 22 billion dollars worth of diamonds; in 2020, only 15.2 billion dollars worth of diamonds were sent out of the country. This drop shows that the value of diamond exports worldwide will decrease in 2020.
India’s top diamond export markets are the United States, Hong Kong, Belgium, the United Arab Emirates, and Israel. In 2018, the average diamond price in India was 8.1% because of this.
Mumbai is the centre of the diamond business in India. It is the financial capital of India. The Bharat Diamond Bourse, the world’s biggest diamond exchange, is in the city. It gives diamond traders and investors a safe place to buy and sell diamonds under strict rules. Some of the largest companies worldwide that cut and polish diamonds are also in Mumbai.
India has much to do with the diamond trade because it is a centre for cutting and cleaning diamonds. The country gets rough diamonds from Russia, Canada, and Botswana, which it then polishes to make finished diamonds. After being polished, these gems are sent to places like the USA, Hong Kong, and the United Arab Emirates.
India’s diamond business is also known for its skill at cutting and polishing smaller diamonds, especially those used in jewellery. Because of its skilled workers and modern technology, the country is one of the best destinations in the world to cut and polish diamonds.
2. United States
- Total value – $14.8 billion
- Percentage of exports – 13.5%
The United States is the second largest diamond exporter. In 2021, diamonds ranked the 22nd most exported product from the United States. India, Israel, Hong Kong, Belgium, and the United Arab Emirates are the top five destinations for diamond exports from the United States.
Despite producing few diamonds, the United States ranks eighth in the globe in diamond production in 2021, with 1 million carats mined.
Additionally, the United States has actively promoted ethical and sustainable diamond trade practices. For example, the United States was instrumental in creating the Kimberley Process Certification Scheme in 2003, which seeks to prevent the trade in conflict diamonds. The USA is also a member of the Diamond Development Initiative, which supports the production and commerce of diamonds in developing nations.
3. Hong Kong
- Total value – $14 billion
- Percentage of exports – 12.8%
Hong Kong ranks third, accounting for 12.8% of all exports. However, as the market progressively recovered, imports of polished diamonds into Hong Kong increased 68% annually to $3.77 billion in the second quarter of 2021.
Hong Kong’s jewellery industry is renowned for its adaptability to shifting consumer demands. As a consequence, the category of fine jewellery encompasses a variety of items with medium to high prices. The most popular product category is jewellery set with gemstones, particularly diamonds in 14K or 18K and yellow/white gold.
Hong Kong’s diamond trade is primarily driven by its role as a diamond re-exporter. The city imports diamonds from various nations, including Belgium, India, and Israel, and then re-exports them to China, the United States, and the United Arab Emirates.
Hong Kong is an attractive destination for diamond merchants and investors due to its strategic location, modern infrastructure, and favourable tax policies.
Hong Kong is also home to the most prominent diamond merchants in the world, including Chow Tai Fook and Luk Fook. These enterprises have expanded internationally, opening several stores in Asia, Europe, and North America.
Hong Kong has actively promoted sustainable and ethical diamond trade practices. For example, the city is a part of the Kimberley Process Certification Scheme, which tries to stop the trade in gems from areas with much fighting. In addition, Hong Kong has enacted numerous regulations and initiatives to promote openness and accountability in the diamond trade.
- Total value – $12.5 billion
- Percentage of exports – 11.4%
Belgium is the fourth country that exports the most diamonds.
But compared to what Belgium would have exported in 2020, that was a $4.3 billion rise.
In 2021, 11.4% of goods were sold abroad. As a result, Belgium is a significant player in cutting and cleaning diamonds. India, the United Arab Emirates, Israel, Botswana, and the United States are the main places where Belgium sends diamonds.
Antwerp is Belgium’s second-largest city. It is home to the Antwerp World Diamond Centre (AWDC), the centre of the diamond business in Belgium. The AWDC gives diamond traders and investors a place where they can buy and sell diamonds in a safe and controlled way. Antwerp is also home to some of the biggest companies in the world that cut and polish diamonds.
Most of Belgium’s diamond trade comes from the fact that it is a centre for cutting and cleaning diamonds. The country gets rough diamonds from Russia, Canada, and Botswana, which it then polishes to make finished diamonds. After these gems are polished, they are sent to places like the United States, Hong Kong, and Switzerland.
Belgium has also worked to promote diamond trade practices that are fair and good for the environment. For example, in 2003, Belgium made the Kimberley Process Certification Scheme to stop the trade in gems from war zones. The government has also established several rules and programmes to make the diamond trade more open and accountable.
5. United Arab Emirates
- Total value – $12.2 billion
- Percentage of exports – 11.1%
The United Arab Emirates ranks fifth among countries exporting diamonds. Exports are valued at a total of $12,2 billion. However, between 2020 and 2021, the United Arab Emirates exports of diamonds increased the most to India, Belgium, and Hong Kong.
In 2021, the United Arab Emirates became the fifth-largest diamond importer in the world, importing diamonds worth $13.6 billion.
Dubai, the largest city in the UAE, has become a significant diamond trading hub, attracting traders and investors from all over the globe. The city is home to the Dubai Diamond Exchange, which provides a secure and regulated marketplace for diamond traders to purchase and sell diamonds. Additionally, It is home to some of the largest diamond retailers in the world, including Graff and Damas.
The UAE’s diamond trade is primarily driven by its function as a diamond re-exporter. The country imports diamonds from India, Belgium, and South Africa and then re-exports them to Asia, Europe, and the United States, among other markets. The UAE is an attractive destination for diamond traders and investors due to its advantageous tax policies, strategic location, and modern infrastructure.
Additionally, the UAE has actively promoted ethical and sustainable diamond trade practices. For example, the UAE joined the Kimberley Process Certification Scheme in 2016, which seeks to stop the trade in conflict diamonds. In addition, numerous regulations and initiatives have been implemented to promote transparency and accountability in the diamond trade.
Here is a list of the largest Diamond Exporters in the world according to WorldTopExports:
|Rank||Country||Total Value (In USD)|
|2||United States||14.775 B|
|3||Hong Kong SAR||14.012 B|
|5||United Arab Emirates||12.184 B|
|9||South Africa||2.354 B|
|16||United Kingdom||847.26 M|
|23||Sri Lanka||124.67 M|
|29||Sierra Leone||50.10 M|
|42||South Korea||8.48 M|
|45||Central African Republic||5.08 M|
|51||Czech Republic||2.22 M|
|68||British Virgin Islands||183,000|
In 2021, the diamond business showed how strong it was by doing well in every area of the pipeline. In 2021, the digging, cutting, and polishing of diamonds brought in 62%, 55%, and 29% more money than before the epidemic.
In 2021, the diamond jewellery market grew by 29%, the most in a decade. This was because people still wanted sentimental gifts in hard times, people saved more money, there were few options based on experiences, and travel was limited.