The UK is a major importer of diamonds, both natural and lab created. In 2021, the UK imported $1.628 billion worth of diamonds, making it the 10th largest importer of diamonds in the world.
Natural Diamonds
The majority of diamonds imported into the UK are natural diamonds. These diamonds are mined in a variety of countries around the world, including Botswana, Russia, and Canada. The diamonds are then transported to the UK, where they are sorted, graded, and polished.
Lab Created Diamonds
In recent years, there has been a growing demand for lab created diamonds in the UK. Lab created diamonds are created in a laboratory using the same chemical composition and growth process as natural diamonds. They are chemically, optically, and physically identical to natural diamonds, but they are often much more affordable.
Importing Diamonds into the UK
Diamonds can be imported into the UK from any country in the world. However, there are a number of regulations that must be followed. All diamonds imported into the UK must be accompanied by a Kimberley Process (KP) certificate. The KP is an international certification scheme that aims to prevent conflict diamonds from entering the market.
Import Duty on Diamonds
There is no import duty on diamonds imported into the UK. However, there is a value added tax (VAT) of 20% on all goods imported into the UK, including diamonds.
lab created diamonds uk
Lab created diamonds are not subject to the same import regulations as natural diamonds. They do not need to be accompanied by a KP certificate, and they are not subject to VAT. This makes lab created diamonds a more attractive option for jewelers and consumers in the UK.
The Future of Diamond Importation in the UK
The demand for diamonds in the UK is expected to continue to grow in the coming years. This growth is being driven by a number of factors, including the increasing affluence of the UK population, the growing popularity of lab created diamonds, and the increasing awareness of the ethical and environmental implications of natural diamond mining.
As the demand for diamonds in the UK grows, it is likely that we will see even more diamonds being imported into the country. This will create new opportunities for businesses that are involved in the diamond trade. It will also make diamonds more accessible to consumers in the UK.
Conclusion
Diamonds are imported into the UK from a variety of countries around the world. Both natural and lab created diamonds can be imported into the UK, and there are a number of regulations that must be followed. The demand for diamonds in the UK is expected to continue to grow in the coming years, and this growth is likely to lead to even more diamonds being imported into the country.