Diamonds are easily the most popular and some of the most expensive gemstones out there. These gemstones are made from pure carbon and are considered rare, making them valuable and coveted by many.
The price of diamonds varies greatly from country to country, depending on several factors.
In the US, jewelry pieces with diamonds can cost between $2,500 to $18,000, depending on the diamond’s cut, color, and clarity. Nowadays, the rate of diamonds in the US is at$ 939.41.
In general, diamonds are cheaper in other countries.
Here Is the Average Cost of Diamonds Per Carat in Different Countries:
- Italy – $885.37
- United Arab Emirates – $952.60
- India – $413.56
- South Africa – $859.86
- Mexico – $917.78
- Belgium – $885.34
- Russia – $1,175.06
- Japan – $769.27
- Israel – $994.84
- Netherlands – $885.34
- Thailand – $842.82
- China – $941.35
Where in The World Do We Find the Lowest Prices on Diamonds?
They say that “diamonds are a girl’s best friend,” which can be true considering how many women covet diamonds and that they are always in demand.
These gemstones are used in different pieces of jewelry and watches. Any other item embellished with them screams luxury.
Diamonds are not only valuable, but they also make for subtle yet elegant pieces of jewelry that make a statement. This is why people love getting their hands on these precious gemstones without having to spend too much.
India, specifically Mumbai and Surat, is where you can find the lowest prices on diamonds.
Countries, where you can buy diamonds for a much lower price include China, United Arab Emirates, Belgium, and Thailand.
India
Diamonds are the cheapest in India because it is one of the few countries where diamond mining, cutting, and trading happen simultaneously.
In general, the closer a country is to the sources of diamonds, the lower the prices of these gemstones will be.
This is because import costs and added-value taxes add up to the selling price.
China
Currently, China is the second-largest market for diamonds in the world.
The prices of diamonds in China are lower because the retail mark-ups here are significantly lower than in other countries.
United Arab Emirates
Diamonds are also significantly cheaper in the United Arab Emirates, specifically in Dubai.
This is because there are no import costs and very few taxes in the UAE for jewelry items.
As we all know, import costs significantly contribute to the prices of diamonds in the retail market.
Thailand
Thailand, specifically Bangkok, is where most of the world’s diamond-cutting occurs.
This is why the average price of diamonds in Thailand is generally lower. Thai jewelers get the goods directly from diamond cutters, where they do not need to pay import costs.
Belgium
This is another country that is prominent in the diamond industry.
You can find the diamond trading capital of the world in the city of Antwerp in Belgium. Jewelers and diamond experts say that Belgium is where you can find diamonds with the best price-to-quality ratio.
Most diamonds make a stop in Antwerp before they are shipped to other jewelers all over the world.
Are Diamonds Generally Getting Cheaper?
Diamonds are quite expensive, and you may wonder why.
The truth is, even though you probably can find real diamonds at a nearby jeweler in your area, they are still considered rare.
From the number of diamonds being mined, only about 3o to 50% of them are deemed good quality to make it to the retail market.
Diamonds are expensive because they generally cost a lot to bring to market, from mining to cutting to exporting to making their way to retail stores.
And every year, diamonds are not getting cheaper. They are getting more and more expensive.
Take the US, for example. In May 2022, the average price per carat of all diamonds is roughly $12,883.16, but it has significantly gone up to $13,165.72 in June. That is a huge increase in just one month.
One reason is inflation. With increasing fuel and export costs, diamonds are generally becoming more expensive as the years pass.
Another reason that diamonds are getting more expensive is because they are becoming rarer, and supplies are becoming limited. As the years pass, more mines are reaching the end of their productivity.
Currently, only 53 places in the world have enough diamonds that can be mined for commercial purposes, with the last one being discovered more than a decade ago.
And as the supplies of diamonds become more limited while there is a huge demand, their market price increases. It is a simple application of the law of supply and demand.
How Much Do The Prices Of Diamonds Differ Between Countries?
In general, the price of a diamond varies depending on its cut, color, and clarity. However, the average price of diamonds differs from country to country.
There can be a huge difference in the prices of diamonds between countries. The price difference between countries in the same regions can be very small.
The price difference is attributed mainly to the cost of exporting and importing these gemstones. The closer a country is to the source of diamonds, the lower its market prices will be.
In the US and Canada, diamonds are typically more expensive because they are located far from countries where diamonds are mined, cut, and traded.
For example, the average price of a diamond ring in the US and Canada is between $3,500 to $5,000. Some people spend more than this and even more than $10,000 on a diamond engagement ring.
In India, where you can find the lowest prices on diamonds, a diamond ring can cost as little as $200, with the more expensive ones at around $4,000. In countries like China and Thailand, located close to the source, a diamond ring can cost as low as $500.
Why Are Diamonds Cheaper In Some Countries?
There are a lot of things that are factored into the price of diamonds. Besides the cut, color, and clarity, other things are considered, such as import taxes and retail mark-ups.
As a basic rule in product importation, the more a product moves from one place to another, the more expensive it becomes because of the taxes.
In some countries, diamonds are cheaper because import taxes are cheaper. Plus, moving diamonds from the source to these countries does not generally take a lot.
Raw diamonds are mined in diamond-rich countries like Australia, Russia, Botswana, Canada, and Zimbabwe. These countries are where a lot of diamond mines are located.
After mining, these diamonds are sold to other countries participating in the diamond-cutting and trading industry. These countries include India, China, United Arab Emirates, Belgium, and Thailand.
You may wonder why diamonds are expensive in Canada, even though it is one of the biggest diamond-mining countries. This is because Canada does not cut, polish, or trade diamonds.
Canada exports raw diamonds for cutting and polishing. In turn, it imports already cut and polished diamonds, ready for retail selling, where import and added-value taxes have already been applied.
So in principle, it is significantly more practical and cheaper to buy diamonds in the countries where they are being cut, polished, and traded.
What Color Diamond Is The Cheapest There Is?
Most people know about clear or colorless diamonds, which are very common in different jewelry pieces. Did you know that there are colored diamonds?
Yes, diamonds can come in different colors. These diamonds are typically found deep below the surface of the Earth, where the temperature is above 1,000 degrees Celsius.
These beautiful colors are caused by changes that are made to the chemical structure. These changes are rare, which makes colored diamonds unique.
These changes can create different colors, such as blue, yellow, pink, red, and other colors, all of which are formed naturally. The grade and price of colored diamonds are based on their 4 Cs. This refers to the carat, cut, clarity, and color.
Red Diamonds
These diamonds are the rarest among the colored diamonds.
The beautiful red color comes from a rare process that changes the crystal structure of the diamond during its formation.
These diamonds are so rare that, on average, they can cost more than $1 million per carat.
Blue Diamonds
These diamonds are formed when the element boron replaces some of the carbon in the structure of the crystal.
These diamonds can come in different hues, from light blue to a deep, rich blue. On average, blue diamonds cost around $200,000 per carat.
Pink Diamonds
These diamonds, also called Argyle diamonds, are among the rarest colored diamonds.
They are as rare as blue diamonds but tend to be more expensive because their demand is bigger. A pink diamond can easily cost around $700,000 per carat.
Yellow Diamonds
These diamonds are the most common among colored diamonds, making up more than half of the world’s supply of colored diamonds.
These diamonds are formed when the element nitrogen absorbs blue light in the diamond and produces a beautiful yellow color.
Yellow diamonds are the cheapest colored diamonds. A yellow diamond can cost $3,000 to $5,000 per carat.
Lab-Grown Colored Diamonds
Colored diamonds are quite expensive because they are naturally formed, making them very rare. Lab-grown diamonds are a more affordable alternative to colored diamonds.
Lab-grown diamonds look the same as colored diamonds. However, instead of being formed deep under the surface of the Earth, these diamonds are formed using high temperatures in a laboratory.
This means that they can be mass-produced.
These diamonds are significantly cheaper than natural-colored diamonds. For example, a lab-grown blue diamond can cost $8500. This is far from the average price of a naturally colored blue diamond, around $200,000.
How Much Is The Cheapest Diamond?
In countries where diamonds are cut, polished, and traded, the prices are significantly lower than those that only import them.
The cheapest diamond you can get on the market is from India, costing $254 per carat.
However, you can also get loose diamonds in India for as low as $190 per carat. A loose diamond refers to a tiny piece of diamond that has already been cut and polished but has not yet been made into a piece of jewelry.
What Is The Cheapest Way To Buy Diamonds?
As consumers, we always want to get the best possible price when buying something.
This also applies especially to diamonds, which we know are quite expensive.
Here are the cheapest ways to buy diamonds:
Shop from Online Jewelers
In this day and age of advanced technology, you can buy almost everything online, including jewelry. Many online jewelry stores offer thousands of diamonds in different sizes and quality, so you are sure to find one that suits your budget.
However, authenticity is one important concern most consumers have when buying diamonds online. Online shopping makes it easy for many people to get scammed into buying a fake one.
In many online stores, the prices of diamonds can go as low as half of those found in retail stores, making you think that they may be too good to be true.
When buying online, make sure to buy from a reputable jeweler by checking their reviews from other customers. Also, make sure that the company has a return policy. Reputable jewelers have a return policy because they are confident that their products will not be returned for authenticity issues.
When buying from sellers on eBay, transact only with those who would agree to use an escrow account for payment so you can take the ring for appraisal once you receive it.
So when shopping from online jewelers, remember to exercise caution. If you happen to buy diamonds online successfully, you will be happy to find that you have saved a lot of money instead of buying from chain jewelers.
Shop from Local Jewelers
Another place where you can shop for diamonds is local jewelers.
While buying from these jewelers is more expensive than buying online, it will still be significantly more affordable than buying from chain jewelers.
Also, a lot of local jewelers offer better craftsmanship. If you want more unique pieces of jewelry that you cannot find in most retail stores, then going to a local jeweler is your best bet.
Buy Diamonds from Wholesalers
This is probably the cheapest way to buy diamonds. Wholesalers offer loose diamonds for very low prices, and you can choose from various cuts, shapes, colors, and sizes.
By doing this, you can get diamonds at wholesale prices. Then you can go to a local jeweler so they can design a piece of jewelry for you.
They can customize the design based on the diamonds you purchased from the wholesaler.
Apart from being the cheapest way to buy diamonds, buying from a wholesaler and having a piece of jewelry designed can guarantee that the piece you will be getting is one-of-a-kind and fits you perfectly.
Sources:
Diamond Rate Today Across The World
What Is The Cheapest Country To Buy Diamonds?