THAILAND could emerge as an important diamond cutting and distribution center but must watch rising labor costs, says Ron Currie, manager of polished sales for Australia’s Argyle Diamond Sales Ltd.

          “There’s a natural fit between goods from our mines and Bangkok,” said Currie, noting that some of Argyle’s white diamonds were cut in Thailand’s capital instead of the company’s factory in Perth.

          Argyle Mines is the world’s largest producer of diamonds and one of the few suppliers that does not work with another diamond giant, De Beers. Of the world’s total diamond production of 100 million carats a year, Argyle produces 34 million and of those 60 to 80 carats are rare pink diamonds ranging from small to 3-carat stones, Currie said.

          As Thailand becomes more industrialized and labor costs increase, Thailand could lose out to India which also is strong on diamond cutting, Currie said.

          “Any work that will be done in Thailand will have to be of a certain standard that could involve technical assistance,” he added. Large intense pink diamonds retrieved from the Argyle mine can fetch up to one million U.S. dollars per carat while cognac-and champagne-colored diamonds are far more affordable at 800- to 1,000 U.S. dollars a carat, he said.

          “We see our colored diamonds fitting the market along with colored precious gemstones,” Currie told JewelSiam.   “There’s no reason why people should stick to white diamonds. Colored diamonds also have luster, and offer that same value and hardness.”