Editor’s Note
This article highlights the intricate nature of the global diamond trade, where export data reveals not the source of the stones, but the complex journey of value addition through specialized hubs and supply chains.
Diamonds remain one of the most valuable and complex commodities in the global trade market. Unlike most natural resources, diamonds undergo a complex and fragmented value chain, spanning from mining and sorting to cutting, polishing, certification, and final retail. As a result, diamond export data does not simply reflect where diamonds are mined. Instead, it shows where value is added, where trading hubs operate, and where global supply chains converge. According to global trade data and diamond export data, the total value of global diamond exports reached $78.85 billion in 2024, a significant decline of 28% from the previous year.
In 2024–25, the global diamond trade is navigating a period of adjustment. Consumer demand has softened in some markets, inventories have been recalibrated, and lab-grown diamonds are reshaping parts of the industry. Despite this, diamonds continue to account for well over US$100 billion in annual international trade, combining rough and polished stones. This blog provides a comprehensive, data-driven analysis of diamond exports in 2024–25, explains the difference between rough and polished diamond trade, and identifies the largest diamond-exporting countries in the world, based on both value and strategic importance.
In 2024–25, the estimated value of global diamond exports stands at approximately:
- US$105–110 billion annually, including:
- Rough diamonds: US$18–22 billion
- Polished diamonds: US$85–90 billion
While these figures fluctuate with prices, inventory cycles, and demand conditions, they highlight a key fact: most value in the diamond trade is created after mining, during cutting, polishing, and trading.
The diamond market in 2024–25 is shaped by several forces:
- Slower luxury demand in the US and China compared to post-pandemic peaks
- Inventory corrections across cutting and trading hubs
- Increased competition from lab-grown diamonds in lower price segments
- Continued demand for high-quality natural diamonds in premium categories
Despite these pressures, diamond exports remain highly concentrated among a small group of countries that dominate mining, processing, or trading.
When examining diamond exports by country, it is evident that certain nations stand out as the largest diamond exporters. Countries such as India, the USA, Russia, and Botswana rank among the top players in the global diamond market. These countries have established themselves as key exporters due to factors like abundant diamond reserves, advanced mining technologies, and strategic partnerships.
Asia’s suppliers sold $46.1 billion, or 59.1%, of the world’s exported diamonds in 2024-25, as per the Asia trade data. North American exporters produced 17.3% of the total, with Europe coming in second at 14.8%. Africa (8.6%), principally Australia in Oceania (0.1%), and Latin America (0.03%), excluding Mexico but encompassing the Caribbean, accounted for smaller shares of the world’s diamond exports. The top 10 diamond-exporting countries, as per the global diamond shipment data for 2024-25, include:
- India: $14.37 billion (18.2%)
India holds the title of the largest diamond-exporting country in the world. Known for its skilled craftsmanship and cutting-edge technology, India has established itself as a major player in the diamond industry. The country’s diamond exports account for a significant portion of its overall GDP, making it a crucial sector for the Indian economy. - USA: $12.42 billion (15.8%)
The United States is another key player in the global diamond market. With a strong demand for luxury goods and high-quality diamonds, the USA has become a major hub for diamond trading and exports. The country’s diamond industry is known for its innovation and top-notch cutting and polishing techniques. - Hong Kong: $12.18 billion (15.4%)
Hong Kong has emerged as a major player in the diamond industry in recent years. The region’s strategic location and efficient trade network have made it a popular choice for diamond traders and buyers. Hong Kong’s diamond exports continue to grow steadily, cementing its position as one of the top diamond-exporting countries in the world. - United Arab Emirates: $10.09 billion (12.8%)
The United Arab Emirates has quickly risen through the ranks to become a major player in the global diamond market. The country’s strategic location and state-of-the-art infrastructure have attracted diamond traders from around the world. The UAE’s diamond exports are a significant contributor to its economy and play a vital role in its overall growth. - Belgium: $7.02 billion (8.9%)
