Diamonds: Criticality

Not critical, but ethically fraught

What this tab covers How exposed economies are to a supply disruption: the EU, US and India listings, the concentration score, and a quantified exposure for the US, EU, India, China, Japan, Latin America, the Middle East and Australia. Where the EU scored it, a chart of supply risk against economic importance, with import reliance, recycling input and substitutes.

Exposure by region

Region	Exposure	Share of world output	Share of world imports	Share of world exports	Net trade (US$)	On own critical list	Position
US	High	0.0%	22.2%	18.7%	−$2.93 bn	No	Largest consumer market with 99% net import reliance for gemstones; imports fell 44% to $11 billion in 2025, while the US makes about 160 Mct of synthetic industrial diamond (USGS 2026).
EU	High	0.0%	11.8%	11.4%	−$559.1 m	No	Belgium is a major hub (10.6% of world HS 7102 exports and 8.8% of imports by value in 2024, Comtrade), and the EU bans Russian rough and polished diamonds; diamond is not on the EU critical list.
India	High	0.0%	25.1%	21.3%	−$3.27 bn	No	The largest importer (25.1%, $17.4 billion) and exporter (21.3%, $14.2 billion) of HS 7102 in 2024 (Comtrade), processing about 9 in 10 of the world's diamonds but mining almost none.
China	High	0.0%	5.7%	1.7%	−$2.80 bn	No	The leading maker of synthetic industrial diamond and a major consumer; it took 5.7% of world HS 7102 imports in 2024 (Comtrade) and its net diamond demand fell about 50% in 2024 (Zimnisky).
Japan	Low	0.0%	0.9%	0.1%	−$523.4 m	No	A small importer (0.9% of world HS 7102 imports by value in 2024, Comtrade) with no mine output.
Latin America	Low	0.1%	0.2%	0.1%	−$82.8 m	no list	No significant gem production is listed by USGS for 2025; Brazil's output is included in other countries.
Middle East	Low	0.0%	4.9%	8.6%	+$2.34 bn	no list	Israel (8.3% of world HS 7102 exports, 2024) and Dubai are cutting and trading hubs; there is no mine production (Comtrade; USGS).
Australia	Low	0.0%	0.3%	0.1%	−$126.9 m	No	No gem diamond production is listed for 2025 (USGS); exports were 0.1% of world HS 7102 trade in 2024 (Comtrade).

Exposure rating: High when the region is a net importer whose import share is at least three times its share of world output (or, for farm goods, it produces under 70% of what it consumes); Medium for other net importers (or 70-95% self-sufficiency), raised to High when world supply is highly concentrated in another country; Low for net exporters or self-sufficient regions. Net importer status uses tonnage where reported, otherwise value. Output: World Mining Data, 2024. Trade: UN Comtrade 2024 (EU = sum of member states, including intra-EU trade). Critical lists: US 2025, EU 2024/1252, India 2023, China 2016 strategic minerals, Japan METI, Australia 2024.

Gem diamonds are not critical in any supply sense, and diamonds appear on none of the EU, US 2025 or India 2023 critical lists. Industrial diamond matters to chipmaking, drilling and construction, but synthetic production in China, the US and Russia supplies over 99% of it, and cubic boron nitride, fused alumina and silicon carbide compete. The real risks are ethical and political: conflict stones, sanctions on Russia and human-rights concerns along the chain (Scheyder, pdf p. 71). China's dominance of synthetic grit, 77% of US imports in 2021-24, is the strategic point to watch.

EU 2023 Not assessed US 2025 list No India 2023 list No Production HHI 2,032 moderately concentrated US net import reliance, 2025 99% share of apparent consumption

Substitutes

Synthetic gemstones and simulants for gems; cubic boron nitride, fused aluminium oxide and silicon carbide for industrial uses