Despite its relatively short history, Dubai is an upcoming diamond center that has quickly become an important center for the trade. Offering a modern bourse and a convenient location, Dubai is now a vital rough diamond trading center.
The first diamonds in Botswana were found in 1959, but it was only eight years later, in 1967, that De Beers found the first kimberlite pipe in the country. That site is known until this day as BK-1. Within weeks, a massive resource, the Orapa pipe, was found. This find changed Botswana’s history forever.
Diamonds were discovered in the frozen tundra of the Russian republic Yakutia in the 1950s, instantly transforming the Soviet Union into an important diamond country. Today, Russia is not only exceptionally rich with the resource, it is also an important center for trading, manufacturing, researching and consuming diamonds.
Unlike the three diamond centers described so far – Belgium, Israel and India – which are principally centers of trading and manufacturing, the US is a different kind of diamond center. While it does contain some manufacturing, the US is mainly a consumer market where the New York City diamond trading center functions chiefly as a gateway to the American market.
India has the world’s longest history when it comes to diamonds. It was in India that diamonds were first found. The early finds transformed India instantaneously into a diamond consuming market – where maharajas and other nobility wore the first ever jewelry items made of diamonds.