A woman who has owned the diamond market in the tiny hamlet of Nyanza for nearly 20 years says she is ready to go bust.
“This is the most lucrative place in Kenya.
The demand is there.
But the demand is not as strong as it is in the big diamond markets,” she told NBC News.
The woman, who spoke on condition of anonymity because she is not authorized to speak publicly about the diamond trade, said she is confident the demand will increase in coming years.
Nyanza is one of the few remaining diamond markets in Kenya, which has a population of about 12 million.
Its diamond industry has seen several large scale diamond purchases in recent years, including a $5 billion deal in 2013 to buy the remaining remaining shares of one of Kenya’s biggest diamond companies, Kashi Diamond, for a whopping $2.5 billion.
But the sale has been slow in coming, with the market accounting for less than 10 percent of the country’s diamond sales.
According to Nyanda resident and diamond dealer Kumi Bikota, Nyanzanese diamond sales are up from 4 percent in 2014 to 8 percent in 2017.
In the past, many people from the area of Niyaya, in the west of the city, came to Nganu in search of the precious stone.
Kumi Bickota said she sells around 500 kilos (1,500 pounds) of diamonds a day at the market, and she has even seen some of the new arrivals make a profit of more than $100,000 a day.
She has been selling her gems in Nyanzas local markets for decades, with prices ranging from $200,000 to $300,000.
“There are many people here who come to Nynans diamond market because they are looking for diamonds, not to sell them, but because they want to earn money,” she said.
Nyanzans diamond markets have been selling diamonds for over 70 years.
In 2010, Kenya’s diamond trade ministry banned imports of diamond from the country, which prompted a drastic decrease in diamond sales, said Kumi.
But that did not stop the diamond traders from continuing to do business, and in the last five years, demand for the stone has surged.
Since then, Nynnans market has grown to the point where Nyanzians economy has grown by 40 percent.
Kumi said that Nyanzoans diamond buyers were attracted to the country because of its low diamond prices and the relatively small diamond population.
Many diamond traders who used to work in the diamond industry now work in Nynanza, where the price of diamonds is about $3,000 per kilogram, compared to the average of $15,000 in Nairobi.
Even though the market has seen the biggest increase in demand in the past five years with more than a 1,000 kilos of diamonds bought in a day, Nana Nyanze has also seen an uptick in the number of people visiting the market.
The woman said the market is a popular spot for tourists and locals alike, with people coming from all over Kenya to buy diamonds.
One of the busiest areas for diamond buyers is the market at Niyota, the capital of the province of Ngana.
At the market in Nyyanza, Bikotas sellers are selling their stones for as little as $1,000, while the buyers pay up to $2,500 for a kilogram.
Some sellers say they have also seen a rise in sales of jewelry and other luxury items.
Last month, the state of Nya’s government announced that the sale of diamond-quality jewelry, and other products such as watches, watches straps and jewelry, would be banned from the market and will be subject to a fine of up to 20,000 Kenyan shillings ($1,100).
In response to the ban, Nya officials announced that it would allow the sale only of items that have been certified by the Kenyan Ministry of Finance as diamonds, and will set up an independent audit committee to audit all diamond purchases.
But Nyannas diamond traders say they still have some demand for their products, especially watches, which can fetch up to 1,200 Kenyan shills ($2,200) for a single piece.
As of October, more than 4,000 people were attending Nyanzenas diamond market every day, and many of them are selling diamonds.