Then it should be known, that India will lose its place as one of the biggest importers of diamonds, following the decision by the World Diamond Council (WDC), to include Nigeria as a new major diamond-producing country.
India holds over 40 percent of the world’s diamond deposits, and has been a major importer and buyer of diamonds for more than a decade, so this is a major blow. We take for granted things like the ability to easily access any PayPal casino UK regulars frequent without having to think about things like whether or not PayPal is fully accessible to us, whereas in countries like India the regulations around the operation of PayPal are touch-and-go.
India accounts for about 15 percent of the world’s diamond consumption, with 3.4 billion carats traded globally in 2011.
“It’s disappointing, and will cause prices to fluctuate. It’s difficult to look at the commercial side and try to understand how Nigeria is better,” said Nehal Sargesh, Managing Partner of Shiva Stones.
The World Diamond Council announced that it has introduced a new classification system called Global Diamond Labelling System (GDLS), which will categorise countries into six main categories based on their diamond production.
India has been listed as an import-dependent country in the same category as the likes of Ghana, Mauritius, Madagascar, South Africa, and Zambia.
“The world diamond market has changed, and we believe that it is time to change the manner in which we manage the diamond market,” said Jochen Först, Director of Product Development & Strategy at the World Diamond Council.
“We are in the process of finalising the implementation plan with our members. But we would look to create a system of diamond certifications and registrations, which is closer to consumer demand, that will benefit diamond producers and consumers alike. Consumers will be able to see who has made the diamond, and producers will be able to get the best price for their diamonds.”
Nigeria will also make the cut as the world’s fifth largest producer of diamonds. Kenya will join Nigeria as a major player.
“We are really trying to add value to the industry. We expect that Nigeria will grow faster and we are optimistic that they will also be in the top five diamond producing countries in the next five years,” said Först.
Despite being the fifth largest diamond producer, Nigeria only accounts for about 0.7 percent of the world’s diamond production.
The top five diamond producing countries, as determined by weight, are Angola, Botswana, Nigeria, Russia, and Canada.
“Some countries are reluctant to be in a position to accept that Nigeria has actually been producing diamonds. If this is the case, why would you have to get them included as a new exporter of diamonds?” said Arun Mohanty, Managing Partner at Shiva Stones.
“We have been in business for 30 years, and this is the first time we have faced such an issue.
“We don’t have to worry about the diamond situation, but we would still like to create value for the industry. Hopefully we can convince people to look at us as an exporter,” he added.
While Nigeria is predicted to become the third largest diamond producer, after Russia and Angola, there are concerns about its diamond mining and manufacturing.