In 2022, India was the top diamond exporter, sending out $23.9 billion worth of diamonds. This made up 19.1% of all diamond exports worldwide¹. The US, UAE, Hong Kong, and Belgium were also among the top five¹. Together, these five countries made up 66.6% of diamond sales globally that year¹.

The total value of diamonds exported worldwide was $125.2 billion in 2022¹. Asia was the main source of these exports, with 56.9% coming from there¹. Countries like Thailand, Singapore, Angola, and Israel saw big increases in diamond exports that year¹.

Key Takeaways

• India was the world’s biggest diamond exporter in 2022, accounting for 19.1% of global diamond exports.
• The top 5 diamond exporters – India, USA, UAE, Hong Kong, and Belgium – generated 66.6% of international diamond sales in 2022.
• Asia led global diamond exports, contributing 56.9% of the $125.2 billion in diamonds exported worldwide.
• The fastest-growing diamond exporters in 2022 were Thailand, Singapore, Angola, and Israel.
• The global diamond trade is dominated by major players like De Beers, ALROSA, and Rio Tinto Group.

India: The Reigning Leader in Diamond Exports

India is a top player in the global diamond trade, leading as the biggest diamond exporter². In 2022, it exported $23.9 billion worth of diamonds, making up 19.1% of the world’s diamond exports². This shows India’s skill in cutting and polishing diamonds, developed over many years.

India’s Dominance in the Global Diamond Trade

Surat is the heart of India’s diamond industry, processing 90% of the world’s rough diamonds³. India’s skills in cutting and polishing, along with a skilled workforce and supportive policies, drive its diamond export success². Diamond exports from India have been growing, but there was a 3.3% drop in 2022.

The lab-grown diamond industry in India is booming, with a big increase in polished diamond exports in 2023³. However, the value of these exports fell by nearly 20%³. Lab-grown rough diamond imports also went up by 31% in volume but dropped by 24% in value³. This shows the fast growth of the industry and the growing demand for these diamonds.

The lab-grown diamond industry in India is growing fast, with 8,000 to 10,000 reactors now in use, up from a few years ago³. This growth is partly due to a drop in polished natural diamond production, which has helped the cutting and polishing units³. The industry is also becoming more concentrated, with about 10 major groups and smaller investors joining them³.

India’s leadership in the diamond trade is also due to its efficiency². It can cut diamonds for just $10 per carat, much cheaper than the $100 per carat in the US². This makes India a top choice for diamond processing, keeping it as the world’s largest exporter².

Even with challenges from the COVID-19 pandemic and a ban on Russian diamond imports, India’s diamond industry has shown it can adapt². As the diamond market changes, India’s leadership looks set to continue. Its technical skills, cost-effectiveness, and commitment to innovation will keep it at the top²³⁴.

Key Players in the Diamond Export Market

In 2022, the top diamond exporting countries were India, the United States, United Arab Emirates, Hong Kong, and Belgium. These countries, along with Russia, Botswana, South Africa, China, and Angola, were the largest diamond exporters worldwide⁵. Countries like Botswana, Russia, and South Africa mine diamonds themselves. The United States, United Arab Emirates, and Hong Kong are major trading centers⁵.

The diamond export market is very competitive. Countries compete to be top diamond exporters to meet global demand⁵. The top buyers include India, the United States, Hong Kong, United Arab Emirates, and Belgium. They bought nearly three-quarters of all diamonds sold worldwide in 2022⁵. Asia spent the most on diamonds, followed by North America and Europe⁵.

India leads in diamond exports, but the industry is mainly in Surat, Gujarat. Surat is home to 90% of diamond cutting and polishing⁶. At peak times, Surat employs about one million people⁶. Sanghvi & Sons has been a leading diamond exporter in India for three decades⁶.

Russia is the largest diamond exporter by volume, with Alrosa mining a third of the world’s diamonds in 2021⁷. However, its diamond trade is worth about $4 billion a year, a small part of its exports⁷. The US has imposed sanctions on Russian diamond exports, affecting G7 countries that make up 70% of the global market⁷. India is a big market for Russian diamonds, with a major center in Surat⁷.

The diamond export market is complex and competitive. Countries like India and the United States lead, while Russia and the United Arab Emirates have unique roles. The global diamond trade keeps changing, driven by market shifts and the need to stay competitive.

“The diamond export market is a highly competitive landscape, with countries vying to maintain their positions as top suppliers to meet strong worldwide demand.”

Conclusion

The global diamond export market is very competitive, with a few countries leading the way⁸. India is at the top, thanks to its skill in cutting and polishing diamonds, a large workforce, and supportive government policies⁹. The United States, United Arab Emirates, Hong Kong, and Belgium also play big roles, making up most of the world’s diamond sales⁸.

Countries like Russia, Botswana, and Canada are key players in diamond production, making up most of the world’s rough diamonds⁹. Africa is the biggest producer, with Botswana and Sierra Leone being major players. Their production and exports have changed over time, showing how the diamond market is always moving¹⁰.

Knowing who leads in diamond exports helps us understand the market’s current state and where it’s going⁹. With strong demand and efforts from top exporters, the diamond trade is crucial for many countries’ economies⁸¹⁰⁹.

Source Links

1. Diamond Exports by Country 2022 – https://www.worldstopexports.com/diamond-exports-country/
2. India’s Diamond Dominance and Future Outlook – https://tejimandi.com/blogs/feature-articles/indias-diamond-dominance-and-future-outlook
3. Indian Lab-Grown Diamond Manufacturers Keep Growing – https://nationaljeweler.com/articles/12769-indian-lab-grown-diamond-manufacturers-keep-growing
4. Editorial: India well placed to be lab-diamonds leader – https://www.thehindubusinessline.com/opinion/editorial/editorial-india-well-placed-to-be-lab-diamonds-leader/article66494672.ece
5. Diamond Imports by Country 2022 – https://www.worldstopexports.com/diamond-imports-by-country/
6. India’s Biggest Diamond Exporter – Sanghvi & Sons – https://sanghvisons.com/blog/indias-biggest-diamond-exporter
7. Will a Russian diamond ban be effective? – https://www.bbc.com/news/business-65644348
8. Sparkling Success: Why Diamonds are Israel’s Shining Export Commodity – https://www.linkedin.com/pulse/sparkling-success-why-diamonds-israels-shining-export-andrei-mainea
9. Who Owns the Most Diamonds 2023? Ranking Countries by Their Diamond Production, Reserves, and Trade – Investingstrategy.co.uk – https://investingstrategy.co.uk/financial-news/who-owns-the-most-diamonds-2023-ranking-countries-by-their-diamond-production-reserves-and-trade/
10. Diamond exports from Botswana and Sierra Leone: The role of institutions in mitigating the impact of commodity dependence on human development Background document to the Commodities and Development Report 2017 – https://unctad.org/system/files/non-official-document/suc2017d9_en.pdf