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in Business
In an impressive display of market dominance, India leads the world in diamond exports in 2023. Alongside other major players, it marks a significant year for the industry.
India continues to cement its position as a titan in the diamond export industry, with a global export share of 21.31% in 2023. A legacy of craftsmanship and burgeoning demands from international markets drive this dominance, further reinforcing India's critical role in the precious stones sector.
Belgium and the United Arab Emirates are significant competitors, each securing over 11% market share with their strategic trading acumen and networks. Israel’s innovative technologies in diamond processing, contributing 9.28%, make it a formidable player, while South Africa's established mining operations provide a strong foundation for its share.
While the leading exporters hold a significant slice, various other countries contribute to the market's dynamic nature. Emerging markets and smaller exporters, collectively representing the larger ecosystem, continue to grow in their capabilities and technologies, expanding the global footprint of diamond trading.
The global diamond market is poised for resilience and growth, driven by increasing demand and sustaining competitiveness among top exporters. Monitoring shifts and economic influences in this sector remains imperative for market stakeholders.
India's leading position is attributed to its extensive diamond cutting and polishing industry, capable workforce, and strategic economic policies favoring exports.
Both countries benefit from strategic trade locations, well-established networks, and their status as major diamond trading hubs.
South Africa remains significant due to its rich diamond reserves, historical significance in diamond mining, and developed infrastructure for diamond trade.
