PRODUCT CLASSIFICATION
Diamonds are crystalline forms of carbon, prized for their exceptional hardness, brilliance and rarity. They’re used in fine Jewellery, especially in engagement rings, and valued for industrial applications due to their unmatched durability.
For centuries they were a symbol for wealth, love and eternity, and their unique physical qualities and natural origins have made them one of the most desired and recognizable gemstones in the world.
Diamonds are a part of Precious stones, metals & pearls, category of the Precious Metals section that includes a wide range of related by-products like Diamonds (jewellery) worked but not mounted or set, Diamonds (jewellery) unworked or simply sawn, cleaved, Unsorted diamonds, Diamonds, industrial, unworked or simply sawn, cleave, and Diamonds industrial, worked.
They also have a Product Complexity Index of -1.74, ranking 989 out of 1044 products in 2023.
This post will not consider a specific country’s market, but it will be focused on the Diamonds trade in general.
OVERVIEW
In 2023, global trade of Diamonds reached $98.4B, reflecting a decreased percentage of 23.9 from 2022, when it totaled $129B and, over the past five years, it has declined at an annualized rate of 4.48%.
In addition, during the same year, Diamonds ranked 30 in global trade value out of 1217 products, accounting for 0.44% of world trade.
EXPORT
In 2023 it was estimated that the main characters in the exportation scenario of Diamonds were
- India - $21B;
- Belgium - $11.6B;
- United Arab Emirates - $11.4B.
Also, during the same year, the countries that registered the highest share of this category in their export portfolios were
- Botswana - 80.9%;
- Lesotho - 47.3%;
- Curaçao - 24.3%.
IMPORT
In 2023 it was revealed that the leading importers of the Diamonds category in global trade were
- United States - $18.4B;
- United Arab Emirates - $16.7B;
- India - $15.8B.
CONCLUSIONS
Diamonds are still a powerful symbol of prestige, emotion and enduring beauty, bridging the natural world and human craftsmanship and combining geological wonder with cultural meaning.
In 2023, however, the global trade of this category experienced a percentage decline of 23.9% from 2022 and, over the past five years, it has declined at an annualized rate of 4.48%, affected by shifting consumer preferences, economic uncertainty and the rising popularity of laboratory grown alternatives; could it be a moment of transformation for the industry?
Source: https://oec.world/en
