Vietnam Has No Diamond Mines, So Are Prices Dependent on Foreign Countries?

Diamond prices will fluctuate up and down depending on market demand and supply from mining sites. These mining sites are concentrated in several countries such as South Africa, Russia, Australia… Vietnam is a country without natural diamond mines. Therefore, many people wonder whether the domestic diamond price list depends on foreign countries.

Figure 1 - Close-up of the gigantic Mir diamond mine in Siberia

The largest diamond mines in the world

Currently, there are many diamond mines being exploited around the world. The largest diamond mines will be introduced to you right below:

Mir diamond mine

Mir is considered one of the open-pit diamond mines with an estimated total value of up to 17 billion USD. The mine has a diameter of up to 1.6 km and began operations in 1957. It is estimated that in the early period, the mining output at Mir reached 10 million carats per year. Later, the mining reserves gradually declined.

By 2001, open-pit mining was halted and replaced by deep underground tunnel systems. Here, people found a beautiful giant lemon-yellow diamond weighing up to 342.57 carats.

Jwaneng diamond mine (Botswana)

The Jwaneng diamond mine is located in southern Botswana, under the management of the famous mining company De Beers and the government-affiliated company Debswana. The mine began operations in 1982. De Beers once asserted that Jwaneng is one of the mines with the largest diamond reserves in the world. The mining output here accounts for up to 70% of Debswana's revenue and somewhat affects fluctuations in diamond prices worldwide.

It is estimated that in 2009, the Jwaneng mine extracted 11.5 million carats of diamonds. This was also the first mine in Botswana to be honored with ISO 14001 certification for environmental friendliness and its positive impacts.

Catoca diamond mine

This diamond mine is located in Angola in Africa. Catoca is owned by many diamond mining companies, such as: Alrosa, Odebrecht, Dau Monty…

It officially began operations in 1997. According to estimates, the total diamond reserves extracted at the mine may reach 60 million carats. Among them, about 35% are high-grade gemstones. In 2009 alone, Catoca supplied 7.5 million carats of diamonds to the market.

Figure 2 - Diamond prices on the market depend on mining reserves at major mines

Vietnam has no diamond mines, so do prices depend on foreign countries?

Where are diamonds mainly mined today?

Currently, according to recorded statistics, 49% of diamond mining output is concentrated in Central Africa and Southern Africa. Russia is the country with enormous diamond reserves reaching 650 million carats with an extremely large stockpile of diamonds.

The situation of diamond prices in Vietnam

Vietnam is among the countries in the world that do not have natural diamond mines. Natural diamond products today are all imported directly from abroad. Partly because there is no control and self-sufficiency over supply, domestic diamond prices are somewhat affected by foreign markets.

One of the other factors that also affects the price of this gemstone is market demand. With the advent of synthetic diamond products, whose designs and beauty are no less than natural diamonds, diamond prices on the market have become more stable. You can own a large diamond at a much more affordable price.

Hopefully, the information shared above about whether diamond prices in Vietnam depend on foreign countries will be useful to you. Before buying expensive jewelry such as diamonds, you should spend time learning about it. Wishing you a new day full of energy.

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