World Diamond Market
The most prosperous nations are the primary buyers of these precious stones, whose annual market reaches the US $ 117.4 billion. However, laboratory-made diamonds have become a competition for natural ones and the growing supply of luxury items.
Diamonds are the easiest way to put a tremendous amount of money into a tiny space. This description by the American writer Noah Gordon sums up part of the interest generated by this gemstone, which is also a status symbol.
Although the diamond market is incomparable to that of gold or silver markets, which are much more massive, it moved a not inconsiderable sum of US $ 117.4 billion in the world last year.
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Read more: The global gem market would reach US 292,000 million in 2018
The Howmuch.net portal, which uses visualizations to understand how money moves, used figures from the World Top Exports portal to analyze diamonds’ purchase and sale. The 15 leading importers of this gemstone, mainly produced in Russia, African countries, Canada and Australia, account for 96% of the market and are guided by the United States and India.
Although rich countries are the primary buyers of diamonds, others show more pronounced growth in this stone’s purchase. The most massive investments of Namibia, Singapore, and Italy stand out. By contrast, the UK, the United Arab Emirates, Botswana, and even Belgium (the world’s diamond capital) have seen their markets shrink. It leads to trends such as other gemstones in bridal jewelry and even the growing demand for laboratory-made diamonds, which compete with natural ones.
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The Mining Mx portal, which provides information on the African mining sector, maintains that this year the sales of diamond jewelry should grow between 2% and 3% globally, thanks to the recovery of US consumers’ confidence and a growing Chinese affluent class. However, competition in the luxury market is increasing, and electronic devices are gaining more ground. Will the diamonds lose some of their brilliance?
Review How does the world diamond market work.