Research Outline

Diamond Polishing Top Players


To identify the top 5 diamond polishing companies and determine their revenue, overview of its services, the pricing for cutting and polishing a diamond, 3-4 examples of notable customers, any variation in the process they use for cutting and polishing a diamond, and their competitive advantage.

Early Findings

  • The top 5 cutting and polishing companies are Kristall Production Corporation , KGK Group , Moshe Namdar Diamonds LTD , Blue Star Diamonds , and Bonas Group.

Kristall Production

  • Kristall is a Russian corporation that specializes in polished diamonds manufacturing. They also have a 53-store retail chain in Russia.
  • The company also produces equipment and rigging for the diamond manufacturing industry.
  • Revenue: RUB 12.8 billion (roughly $200 million)
  • Its prices of polished diamonds vary significantly based on size, color, and clarity. For instance, the prices for a polished VS1 diamond varies between $10,849 and $33,580 per carat.

KGK Group

Insights on Manufacturing Cost

  • While recent prices for the manufacturing of diamonds was not readily available, we were able to find a few older sources that talked about the cost to cut and polish a diamond.
  • According to a report by IDMA, the cost of manufacturing depends mostly on clarity and color.
  • For a Fine 2.5 to 4 carat unpolished diamond, manufacturers spend between $110 and $167 while the commercial 2.5 to 4 carat diamond costs about $89 to be cut and polished.
  • The yield varies as well but it is usually in the range of 42 to 48%. This usually translates into a profit margin of 1% to 3% for manufacturers.
  • As India is the primary market for cutting and polishing, most of the labor and work is done there. According to an independent research analysis from 2013, "India spends $10 per carat on the polishing and cutting of diamonds, against China's $17 and South Africa's $40 to $60."