What is the diamond industry worth in the UK?

The UK has long admired this beautiful gemstone, and this is reflected in the numbers that are spent on them each and every year. According to 2018 statistics, the approximate value of diamond imports is around 114 million dollars in the country.

The popularity of diamond engagement rings

One of the main reasons that the UK spends millions on diamonds is thanks to the enduring tradition of having diamonds in your engagement ring. According to the jeweller William May’s Diamond Insight Report released earlier this year, a whopping 90% revealed they opt for a diamond ring. 

This ties in with the accompanying data that shows that people still overwhelmingly prefer to pick an engagement ring that is timeless in its style. 69% of people who participated in the survey said this was the ring style they prefer. Additionally, the report shows that the preferred engagement ring option is to choose a classic solitaire diamond, with this set made from white or gold platinum, in keeping with the classic look.

The world diamond market

When it comes to the diamond industry globally, it is the US by far that has the biggest demand for polished diamonds worldwide, accounting for 49%. This demand has grown considerably in the past five years, increasing by almost a fifth. Worldwide, the diamond industry (looking at rough diamonds) is expected to be worth a whopping 26 billion dollars by the end of 2020.

In terms of diamonds generally, polished or not, the US still remains the biggest importer based on statistics from 2018.  The US accounts for 20.8 percent of imports (worth an estimated 24.4 billion dollars) with India accounting for 16.2 percent (worth 19 billion) and Hong Kong comes in third, importing 18.9 billion dollars worth yearly, accounting for 16.1 percent.

The 4cs determine the value of a ring

When it comes to the value of individual diamond rings, this is typically determined by what is known as the 4cs. If you are looking to buy a diamond ring, it is in your best interest to start familiarising yourself with what these mean.  These 4cs (cut, colour, clarity, and carat) are the characteristics that will determine the overall cost of any diamond.

In terms of the most important of these characteristics, this would have to be the carat of a diamond ring. The carat is what the weight of the diamond is referred to as. As a rule of thumb, the larger the carat weight, the higher the diamond’s overall value.

However, remember that whilst two diamonds may have the same carat, they can differ in value. The main reason for this is that diamonds with the same weight may have other very different characteristics. For example, due to their clarity, cut and colour.