• Analysis and Studies
• Diamonds (1)

In 2022, this product emerged as the 38th most traded item globally, boasting a substantial trade value of $75.3 billion. This represents a noteworthy 9.82% increase from 2021, when the total trade was valued at $68.6 billion. Despite being a niche product, the trade in worked diamonds accounts for 0.32% of total global trade, underlining its economic importance.

Trade Dynamics and Global Relevance

Worked diamonds, not mounted or set, are a key component of the diamond industry. They serve as the raw material for fine jewelry such as diamond stud earrings, rings, necklaces, and bracelets. Their trade plays a vital role in connecting major diamond-producing nations with jewelry manufacturers and retailers worldwide. This product's movement through global supply chains reflects trends in luxury markets, consumer spending, and global economic conditions.

Exports Overview

The leading exporters of worked diamonds in 2022 included:

• India: dominating the export market with a value of $24.8 billion. India is a global hub for diamond cutting and polishing, driven by skilled labor and advanced technology.
• United States: with exports of $12 billion, the U.S. is both a key exporter and importer, reflecting its dual role as a consumer and distributor.
• Israel: generating $9.16 billion in exports, Israel has long been a significant player in diamond trading, with established expertise and infrastructure.
• Belgium and South Africa: at $6.28 billion and $4.07 billion respectively, these countries continue to contribute significantly, with Belgium’s Antwerp being a historic center for diamond trade and South Africa being a major diamond producer.

Imports Overview

The primary importers of worked diamonds in 2022 highlight the major consumption hubs:

• United States: Leading the list with imports valued at $20 billion, showcasing its position as the largest market for luxury goods.
• Hong Kong: at $13.2 billion, Hong Kong serves as a gateway to Asian markets, particularly China, where demand for luxury goods is on the rise.
• India: Imports worth $7.87 billion indicate the country’s integration of diamond imports for further cutting and re-export.
• Israel and United Arab Emirates: with $5.58 billion and $5.05 billion in imports, these nations reinforce their roles as trading hubs and processors.

Economic and Strategic Importance

The trade in worked diamonds represents a high-value industry that, while not dominating in terms of volume, significantly impacts the economies of key players. The prominence of nations like India and Belgium reflects their specialized expertise, while the U.S. and Hong Kong highlight the importance of consumer markets. This product’s relatively low ranking on the Product Complexity Index (PCI) at 3201st suggests a straightforward production and trade process, with value derived from labor, craftsmanship, and market demand rather than technical sophistication.

Cultural and Industrial Uses

In conclusion, the trade of worked diamonds not mounted or set is a cornerstone of the global diamond and jewelry industry, reflecting a blend of craftsmanship, market dynamics, and cultural value. The interplay between exporters and importers highlights a complex network that supports global luxury markets and generates significant economic activity.

Source: https://oec.world/en/