Diamond price

Historically, the wholesale diamond price has been controlled by De Beers Group, which has an estimated 85 to 95% of the market.[citation needed] Botswana is currently the largest producer of diamonds with mines operated by Debswana, a joint venture between De Beers and the Botswana government. However, over the last decade other producers have developed new mines in Russia, Canada and Australia for example, challenging De Beers' dominance (historically De Beers market share has been 80%[citation needed]). De Beers through its trading company known as the DTC raised wholesale diamond prices three times in 2004 by a total of 14%.[citation needed]
The United States is the biggest consumer of diamonds in the world. The U.S. accounts for 35% of diamond sales, Hong Kong 26%, Belgium 15% (Antwerp is the world's diamond-trading centre), Japan 6%, and Israel 4% [1],Israel and Belgium are important Hubs for trading diamonds thus consumption numbers are a bit misleading. The price of diamonds fluctuates with global demand and the world economy.
Diamond prices vary widely depending on a diamond's carat, color, clarity and cut (The 4 C's). In contrast to precious metals, there is no universal world price per gram for diamonds. However the industry does use tools such as the Rapaport Diamond Report and The Gem Guide which are published weekly or quarterly, as a price references.
In addition to print and online references, numerous institutions have varying standards which can be used to aid in diamond identification and pricing. Gemological Institute of America, American Gemological Society and International Gemological Institute are three such institutions. Often these organizations focus on new research and education which they pass on to their members and the public.