How diamond suppliers influence a nation's economy?

Most of the world's diamonds come from countries that invest the money they make from diamonds back into their own economies. When managed well and regulated appropriately, diamonds can generate substantial cash for public works projects and welfare programs like healthcare and education. Diamonds suppliers play a vital role in this industry. Read on further to learn more about Wholesale diamond and suppliers and their contribution to a nation’s economy. 

Generating Revenue 

Rough diamonds are a valuable natural resource that provide income for millions of people in nations that mine them. For example, the economies of countries like Russia, Botswana, Namibia, and South Africa have benefited greatly from the profits made from diamond mining. Funding great economic growth and stability, diamonds have been a boon to many nations. 

Diamonds are a major economic driver in Africa with the help of B2B diamond suppliers, where the industry is estimated to bring in $7.6 billion annually. 

The United Nations Human Development Index (HDI) is a comparative measure of poverty, literacy, education, life expectancy, childbearing, and other aspects for countries around the world, and its results are also visible in these nations' HDI rankings. 

The impact diamond revenues have on world economies includes:          

• Every year, the diamond industry in Africa brings in about $7.6 billion.
• Rough diamonds are mined and supplied by wholesale diamond and suppliers in a number of nations, but the two biggest producers are Russia and Botswana.
• Nearly half of all diamonds come from Africa.
• In terms of total diamond production, Australia ranks #4 only to Russia, Canada, and South Africa.
• Diamond and jewellery companies in New York City contributed $24.183 billion to the city's economy in 2001 (according to "The Perfect Setting: Economic Impact of the Diamond and Jewelry Industry in New York City," 2011).
• Seventy-one percent of Botswana's export earnings, sixteen percent of the government's take, and sixteen percent of the country's GDP all come from diamonds (GDP).
• In terms of GDP, export revenue, and government revenue, diamonds account for roughly 21%, 48%, and 59% of the total in Namibia, respectively.
• Since its founding in 1994, the Trans Hex Group has contributed USD $37.8 million to the Namaqualand Diamond Fund Trust in South Africa.
• It is believed that Canada produces $1.7 billion worth of diamonds annually, making it the third largest diamond producer in the world.

·     Over the life of the mines in the Northwest Territories (NWT), Indian and Northern Affairs Canada predicts that the Ekati, Diavik, and Snap Lake projects will bring in a total of C$4.7 billion in taxes from employees and other sources in addition to C$1.6 billion in royalties from the federal government (2004 estimated figures).

·     In Russia, the diamond trade donates around $110 million a year to various causes, including the country's healthcare, education, and cultural institutions, regional economic growth, and philanthropic and sponsorship efforts. More than $65 million annually goes into housing, healthcare, cultural and athletic opportunities, and non-governmental pensions for diamond industry workers and their families.

·    More than a billion dollars in tax and royalty revenue flows into the diamond-rich Yakutia region every year.

 Funding Economic Stability 

There is a growing recognition of the importance of KGK diamonds sales in assisting post-conflict economies in regaining their footing. The ability of India to develop and exploit its natural resources is generally agreed upon as crucial to the building of a sustainable future for India. 

Revenues from diamonds by KGKGroup have been a lifeline for economy in India. Construction of the country's infrastructure, healthcare, and educational institutions is made possible in part by profits from diamond exports.