Are Diamonds Cheaper in Other Countries?

Getting a great deal on their diamond purchase is very important for most customers and there is a lot of water to save money on a diamond. Are diamonds cheaper in other countries? If you know where diamonds are cheapest in other countries, this is one way you can buy them while you are traveling. You could shop at Wholesale Diamonds Texas for wholesale engagement rings if you are interested in buying an engagement ring for their wholesale price.

Countries in the Diamond Business May Offer Better Prices

The diamonds had already been a world traveler by the time a diamond reached the United States. Most of the diamonds are shipped directly to a country that employs many diamond-cutting companies, but few diamonds are cut in the same country where these minerals are mined. You could often get a better deal on your diamond if you travel to one of these countries because it is often sent to a diamond trading area once the diamond is cut.

India: More diamonds are cut in India compared to any other countries and Mumbai and Surat are the cities with the most diamond cutters

China

Dubai

Thailand: Nearly all diamond cutting in Thailand happens in Bangkok

Belgium: Most diamonds stop here before moving to jewelers across the world, and Antwerp is the diamond trading capital of the world

Why Are Diamonds Cheaper in Other Countries?

Marginal costs are added every time a diamond makes another move so buying a diamond as close to the source could possibly save you a ton of money. Though they are only generally sold in bulk to diamond cutters, many diamonds are mined in Africa which is why you can’t really realistically buy this close to the source even if you wanted to buy a rough diamond. What you could do though is purchase a cut and polished diamond without buying in bulk if you are traveling to one of the countries that were listed. 

Retail makeup is also one of the reasons why you would notice that diamonds are cheaper in other countries. A lower margin helps you save even more money, for example, countries like India and China have a lower percentage in retail markups compared to the prices that we see in the United States.

Top 3 Diamond Mining Countries in the World

1. Russia

Russia places at the top of the list, with more than 12 open-pit mines, because it is home to arguably the richest and largest diamond resources in the world. They now top the world’s diamond production hierarchy since they started mining in 1947 and have the world’s largest exporter of rough diamonds by volume. 

They mined about 38 to 39 million carats in 2014 (out of which ALROSA, the country’s major miner which produced the majority of Russia’s diamond output, mined 36.2 million carats), while 2018 saw this increase to 43 million carats. You could find most of the country’s mining deposits and activities in the Siberian region of Yakutia.

2. Botswana

Botswana sits at the second on this global list, which also happens to be Africa’s top producer of loose diamonds. Most gem-quality stones have been mined in Africa since the 1870s, and in 2017, the global market value that has been exported from Africa sits at $9.65 bn.

With mining officially launching in 1971, diamond exploration started in Botswana in the 1950s and some of the world’s highest-yielding mines were unearthed by the mid-1980s. Compared to the diamonds that are mined in Russia, diamonds that are in Africa are generally larger and boast a better quality.

3. Dominican Republic of Congo

Although the informal sector (and not mining companies) are generally responsible for most of its production, the Dominican Republic of Congo (DRC) comes third in the line of diamond mining countries by volume. 

It is estimated that about 700,000 artisanal miners belonging to this sector operate the country’s mines in search of precious stones. The joint venture between the DRC government and Belgian company Sibeka, Miniere de Bakwanga (MIBA), is the only commercial diamond mining company in the country. 

MIBA produced about nine million carats in 2000. Approximately one-third of DRC’s diamonds are marketed by De Beers, which has a 20% stake in Sibeka.

Even though buying your diamonds abroad could effectively save you money if you are traveling to one of the cities that were mentioned in this article, they do not generally warrant making a special trip just to pick the diamond up. It is a good idea to scope out where you would be shopping before you arrive if you plan to visit a city that is known for its diamond trade because there are reputable vendors as well as ones that are not so reputable.