Diamond is probably the most popular precious stone among consumers. Although their other brilliant gems such as emerald, sapphire, ruby etc, but diamond seem have managed to captivate most people. It’s a great deal for consumers to purchase a diamond at a cheaper price, but it’s not always to get one. However, there are countries where diamonds are comparatively cheap, so if you are visiting one of these places, you can check out their diamond market to get one for yourself at a cheap price.
What is the Cheapest Place Buy Loose Diamonds? Mumbai, India is the cheapest place to buy loose diamonds and diamonds jewelry. Diamonds available here are of the highest quality but it’s cheaper because of the lower retail markup.
Buying diamonds can be complicated and you may even get ripped off if you don’t know the intricacies that determine the price of diamonds. In this article, we will discuss where to get high-quality diamonds at a cheaper price and how to calculate your diamond price, among other things.
Top 5 Countries Where You Can Buy Loose Diamonds at the Cheapest Price
- India – Mumbai, and Surat
- China – Hong Kong
- UAE – Dubai
- Israel – Tel Aviv
- Belgium – Antwerp
01. India – Mumbai, and Surat
Mumbai and Surat in India are the cheapest places to buy diamonds. Nearly 9 out of 10 diamonds are cut, polishes, and traded here. Close to 90% of world’s diamonds pass through Gujarat for polishing, whereas Bharat Diamond Bourse in Mumbai is the world’s largest diamond exchange. This is the place where you can get high-quality certified loose diamonds at the cheapest price in the world.
Today, the diamond industry is a $23 billion industry in India, with over 6000 diamond manufacturers in India alone. The country sends its polished diamonds to USA, Belgium, Israel, and Hong Kong.
02. China – Hong Kong
Hong Kong is one of the cheapest places to purchase loose diamonds at a wholesale price. It’s also a great place to buy diamond jewelry. There are hundreds of seller in Hong Kong to choose from. You will get a high-quality diamond almost half the price than in the USA. The retail markup in China is also lower, making diamonds cheaper in the country. Some of the best places to buy diamonds in Hong Kong are Chow Tai Fook, Chow Sang Sang, Luk Fook etc.
Today, China is the second largest diamond consumer market next to the USA. Last year, travelers to China spend nearly $11 billion on diamonds and the trend is increasing by 12% each year. Diamond Producers’ Association (DPA) believes China and India are the next biggest market for diamonds.
03. UAE – Dubai
Dubai is one of the cheapest places to buy diamonds, so much so that the price could be 50% less than other countries. Diamond price is cheaper because of Dubai’s tax-free business model and is one of the few cities where all the cut and polished diamonds from India and South Africa arrive here. Moreover, diamonds bought here are of high-quality and certified as Dubai law entails diamond merchants to give the certificate for each purchase.
The UAE diamond financing market has grown from $500 million to $1.5 billion within the last 5 years. In Dubai, you will find the unique ‘Dubai Cut’ diamond which has 99 facets inspired by 99 names of Allah. Some of the best places to buy diamonds in Dubai are Dubai Gold and Diamond Park, Damas, Joyalukkas etc.
04. Israel – Tel Aviv
Israel is one of the biggest sources of a variety of diamonds, from the cheapest to the most expensive ones. One of the primary reason is that the Israeli diamantaires have direct access to the source such as Africa, and Russia. Diamonds that are sourced from mines are polished and go to market with fewer hands in the process, this allows the companies here to offer diamonds at a cheaper price. The diamond industry here specializes in unique polishing and cutting techniques such as Princes, Emerald, Cushion as well as in fancy colored diamonds. The industry offer diamonds with a wide price range from cheap to expensive.
The Diamond District is located in Ramat Gan in the Tel Aviv District. The Diamond Tower contains the world’s largest diamond trading floor.
05. Belgium – Antwerp
Nearly 85% of the world’s mined diamonds come to Antwerp, which is why it is the center of the world diamond trade. Stone trading in Antwerp dates back to 1450. The diamond district is one of the major players in the global diamond industry who work alongside Indian dealers. Antwerp is one of the largest diamond markets and people can actually buy diamonds at a cheap price. That said, they are unlikely to get cheaper diamonds from all store unless to go to a wholesale dealer.
You can contact directly to the diamond dealers who are more than willing to do business with you. Moreover, find retailers who sell GIA graded diamonds. Also, check for tax-refunds where Non-EU residents can get a VAT refund on the purchase of $136 or more.
Carrying Loose Diamonds to the USA on an Airplane
Importing personal loose diamonds or other precious stones are cleared informally and doesn’t require a customs bond. However, you have to declare your items on the CBP Form 6059B. Bringing diamonds, rubies, sapphires and such from countries with normal trade relation are duty-free.
When a diamond is mounted on a metal ring, it is classified as jewelry which is subjected to duty charges. Moreover, diamonds require a Kimberley Certificate. Before importing please visit the Kimberley Process website as you are not allowed to import diamonds from Sierra Leone, Angola, Liberia, and other countries.
For commercial imports of precious or semi-precious stones valued more than $2500 require a formal entry. A license is not necessary to import loose diamonds for commercial purposes but a customs bond CBP Form 301 is necessary.
Calculating Diamond Prices
A lot goes into determining the price of a piece of diamond. At one place, you will find the price of a one-carat diamond is around $1200 and with other, it would be around $16000, although both are the one-carat diamond. As I said, a lot goes into pricing a piece of diamond. Here are a few factors you should look into while choosing a diamond to make sure that the diamond is worth the price.
If you are spending more than $1000 on a diamond, you should check for its certification. For the diamond industry, the best certifications are provided by GIA and AGS Laboratories.
The quality of a diamond is determined by its color, clarity, cut, and carat.
The GIA color scale extends from D (colorless) to Z (light yellow or brown). The highest diamond quality is colorless, however, truly colorless diamond is very rare.
The GIA clarity scale extends from Flawless to I3. It is extremely rare to find diamonds without internal characteristics.
Cut of the diamond has to do with its polish. It is determined by how light strikes the surface, how much gets through and how the light returned to the eye. A well-polished diamonds will have high brightness, fire, and scintillation.
The carat weight is equal to 200 milligrams or ⅕ of a gram in weight. As mentioned above, two equal carat diamond can have a significant price difference, depending on its other properties.
To get the right price for the diamond you will need an expert or you could research on the internet for a reliable seller in the area. If you are really into its brilliance and shapes, you should know better before paying an additional premium for the diamond.
What is the cost of a 1-carat diamond? For a poorly cut diamond it could cost around $4000 but for a well-cut one, the same diamond will cost around $9000.
What is the rarest gem in the world? Painite is the world’s rarest gem.
How much are black diamonds worth? 1 carat of treated black diamond is $300, whereas 1 carat of natural black diamond is worth $3000.
In what colors do diamonds come? Diamonds occur a variety of colors including white, blue, yellow, orange, red, green, pink, purple, and black. On the contrary, the most expensive and rare diamond is colorless.
There are many precious stones which look as stunning as stars but for some reasons, people are more captivated by diamonds. Buying loose diamonds is a risky business if you don’t know what you are buying. To the naked eye, all diamonds pretty much look the same but some are more brilliant than others, for which you will need an expert. The aforementioned list of cities is among the few other places where you can get diamonds at a good deal. Other than that, if you are interested, you could also look into lab-made diamonds which looks just as real as an actual diamond. Above all, don’t shy away from haggling to get a good deal.