Who buys the most diamonds in this world?

As a widely accepted symbol of identity and love, diamonds are very expensive and tradable. Although not comparable to oil or machine imports, global diamond imports totaled $117.4 billion last year. Obviously, this is a big deal. We wanted to figure out how big the diamond business is, so we created this visual chart to let the reader know where the diamonds are going.

Like most industries, top players hold most of their wealth. The world's 15 largest diamond importers account for more than 96% of global imports.

Below are the top 10 diamond importers and their diamond imports, which are the share of global imports:

1. United States: $24.4 billion (20.8%)

2. India: $19 billion (16.2%)

3. Hong Kong, China: US$18.9 billion (16.1%)

4. Belgium: $15.4 billion (13.1%)

5. UAE: $9.2 billion (7.8%)

6. China: 7.8 billion US dollars (6.6%)

7. Israel: $7.1 billion (6%)

8. Switzerland: $2.5 billion (2.1%)

9, the United Kingdom: 2.2 billion US dollars (1.9%)

10. Singapore: $1.7 billion (1.5%)

Among the top 15 importers in the world, there are no Oceania or South American countries. Australia ranks 18th and Brazil ranks 52nd. According to the data, Brazil's diamond imports amounted to US$7.6 million, accounting for only 0.01% of the total global diamond imports.

Small-scale diamond importers

The 34 countries that are at the bottom of the global diamond importers list have a total import volume of less than $1.5 million. Some of these countries have too few diamond imports, so that the total value may be the result of a single purchase. In Nigeria, for example, the total import of diamonds is only $1,000. Other African, South American, Central American and Central Asian countries also import less than $100,000 in diamonds.

Why are some countries importing and exporting?

Most people understand diamonds like this: poor countries – like those in West Africa – mine diamonds; rich countries – like the United States and the United Kingdom – buy diamonds. This statement became especially popular in the 1990s and early 2000s, as the media reported on blood diamonds.

In fact, the diamond market is far more complicated than the media reported. Some countries are not just buying and selling diamonds. Several countries (for example, the United States, India, and China) are importing and exporting diamonds in large quantities. Import and export diamonds are usually associated with quality and preference. For example, a wealthy country may export cheap diamonds while importing expensive diamonds.

Import/export difference

In 2016, the total amount of global diamond imports was 117.4 billion US dollars, but after checking the total export volume in the same year, we found that the total export volume was 127.6 billion US dollars. So, where is the “10 billion dollars” in the middle?

The International Monetary Fund pointed out that “the main reasons for the statistical inconsistency between the destination and the origin of a certain batch of goods are: 1. the concept and details of the classification; 2. the recording time; 3. the valuation; 4. the insurance project; Mistakes. The result is that “$10 billion” is just the cost of doing business in the diamond industry.

Diamond market trends

Those who don’t understand the economic trends between countries may be surprised when they know where the diamond import market has grown and where it has shrunk. Namibia, Singapore and Italy – three countries with very different cultures – represent the three fastest growing diamond markets. Namibia and Singapore are growing at a rate of 100%. The United Kingdom, the United Arab Emirates, Botswana and even Belgium represent the shrinking diamond market. why?

In the UK, diamond imports have fallen by nearly 75% since 2012, in part due to the fact that wedding jewellery is no longer a diamond. In other places, such as Dubai, it may just be at the end of prosperity.

The future of diamond imports

The diamond industry has a successful history of cheap labor, high demand, tightly monitored supply, and incredible marketing. Although synthetic diamonds and market forces are changing the diamond industry, there is no reason to believe that diamonds will flow anywhere.

In fact, the new supply of precious marine diamonds will start to hit the market in the next few years and may trigger a new wave of diamond imports.

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