Business Statistics is an integral part of effective planning and strategizing.
It involves the accumulation of myriad types of facts, figures, and information followed by their analysis with the help of mathematical tools and techniques.
The diamond statistics can enable business owners to get an inkling of fluctuations and deviations that might happen in the upcoming seasons or in the long term. In turn, this knowledge helps them adapt their plans to the estimated changes in the costs, market demands, sales volumes, and likes. Being data-driven, these predictions and assumptions are near accurate and hence significantly contribute to the decision-making process.
Here are a few recent diamond industry stats and facts that will help you with your next business moves:
- The global diamond mining industry is monopolized by a handful of companies. Alrosa from Russia, De Beers from Luxembourg, and British-Australian Rio Tinto – account for more than 59% of global diamond mine production.
- COVID-19 pandemic had significant negative impacts on the diamond industry globally. Not only did consumer demands plummet due to people’s confusion about what was in store, but the production was also hit worldwide following the closure of mines and polishing facilities. For instance, AWDC’s (Antwerp World Diamond Center) diamond import dropped by almost 21% during the first two quarters in 2020 due to the Corona pandemic. The AWDC’s export of polished diamonds decreased by approximately 47%.
- With an export value totaling 15.3 billion U.S. dollars, India was the largest exporter of diamonds worldwide in 2020. Although in 2019, this value was estimated at almost 23 billion USD. The decrease only reiterates the global trend of decline in the diamond export values triggered by the pandemic. India’s top rank as an exporter can be attributed to her well-developed diamond polishing sector rather than mining production.
- As far as company-specific production is concerned, the ALROSA Group produced approximately 31 million carats of diamonds in 2020, which made it the world’s largest diamond producer that year. De Beers tagged along in second place with a production of around 25.2 million carats.
Diamond statistics have dramatically transformed the way retailers, exporters and manufacturers approach their business planning and marketing strategies and more. They create valuable insights for organizations to predict consumer buying patterns, the upgrades and investments their business operations might require to keep with these changing patterns, and so on. A dig into the industry statistics thus enables stakeholders to make data-driven decisions while keeping the guesswork out of the equation.