Which Countries Export The Most Diamonds?
The diamond industry is undoubtedly a very lucrative market, with global exports exceeding 118.5 billion US dollars!
Diamonds are one of the most precious and sought after gemstones in the world and demand for diamonds is extremely high. With 133 million carats being mined yearly, the diamond industry is undoubtedly an extremely lucrative market.
The quality and volume of the diamonds mined is dependent to the country they are produced in. Botswana is known to create the highest quality and carat weight diamonds in the world, whilst Australia is renowned for being the leading producer of coloured diamonds. These goods are then exported around the world to be turned into eye-catching diamond jewellery, or for industrial purposes - such as the creation of hardwearing tools or abrasives.
Top Diamond Producing Countries
All countries that produce diamonds are categorised into bands - Northern & Southern (being the two major bands for producing high volumes of diamonds), and the centre band which generally produce a lower quality and quantity of diamonds.
Below lists the top volume diamond producing countries and their diamond characteristics that make them so desired for trade.
Russia is the largest diamond producing industry in the world, with 30% of global production mined in this country. The main Russian mine, ALROSA, is accountable for 97% of the countries diamond mining. Due to Russia having huge reserves, they are able to produce diamonds of all sizes, shapes and colours - making them highly desirable by countries across the world.
By 2020, the Russian diamond industry is looking to boost its mining rate to 40 million carats per year from the current estimated 23 million carats.
Botswana are the second largest diamond producer and known for producing the highest value diamonds in the world. In 1966 the country discovered deposits of high quality rough diamonds. Being able to trade these valuable goods helped lift the country out of crushing poverty. Now 60% of Botswana's exports are diamonds - highlighting the importance of the diamond industry on a country's economic activity.
The average diamond mined in Botswana is higher quality and of a larger size than what is produced by Russia, making them highly valuable. An impressive 10 million carats of high quality diamonds are mined each year, ready to be exported and turned into that sparkling engagement ring or that classic pair of diamond earrings you long for.
Democratic Republic of Congo
Democratic Republic of Congo is the third biggest diamond producing country globally. Producing some of the best value diamonds. The country produces over 16 million carats of industrial and gem quality diamonds. The country is said to have over 30% of the world's reserves. It is believed that the actual production of diamonds are higher than the statistics because a large quality of the diamonds are smuggled out of the country.
There are many independent miners throughout the country which produce high quality diamonds. There is only one established diamond production in the country called Miniere de Bakwange. This company, in collaboration with the Congo Government and a Belgian diamond production company, tend to produce lower quality diamonds than its independent counterparts.
Despite not being famous for producing high colour and clarity diamonds - with only 5% being gem quality- Australia is the leading producer of coloured diamonds.
The largest mine in this country is in Argyle - which produces more than 12 million carats annually. Argyle served as the initial source of India's budding diamond industry and yields pink, red, and purple goods which are high-end and highly sought after.
Canada is the youngest diamond industry, with the first diamond deposits discovered in the early 1990's. Canada now produces 10.6 million carats of ethical diamonds. With large operations and small projects happening in the Canadian diamond industry, this country has the highest potential for future diamond mining.
Exports Of Diamonds
Global sales from diamond exports by country totalled 118.5 billion US dollars in 2017. This is a decrease by 22.9% of diamond exports since 2013.
Countries that export the most diamonds are not necessarily the largest producing countries. This is due to different countries importing diamonds to polish and prepare to turn them into consumer goods to then export. The importing and exporting of diamonds can be very good for the economic development and growth of the country.
The top 5 countries that export the most diamonds are as follows:
United States: 16% of total exported diamonds
Hong Kong: 14.5%
Despite the US exporting the most diamonds, Israel has the highest positive net export - this is the value of a country's total exports minus the value of its total imports. Confirming that Israel has a strong competitive advantage in the global diamond trade. Even though they are not the biggest diamond producing country, they are the biggest diamond polishing country.
The Kimberley Process Certification Scheme
Regulations have been put in place to protect the diamond trading industry. In 2000, ways to stop trade in ‘conflict diamonds' was discussed. This was needed to ensure that diamond purchases were not creating violence by rebel movement and allies seeking to undermine legitimate Governments.
In 2002, Negotiations between the international diamond industry, Governments and civil society organisations resulted in the creation of the Kimberley Process Certification Scheme (KPCS). KPCS Documentation sets out the requirements for controlling rough diamond production and trade.
To export diamonds in the EU and to the other KPCS certified countries, you need to have a KP certificate - you can find out more about the exports of diamonds on gov.uk!
At Diamond Heaven we are proud of our ethical policy and ensuring to all of our customers that we only provide quality conflict free diamonds. Our team is dedicated to help you find that special diamond gift, perfect for any occasion.