The socioeconomic and political history of the diamond industry is fascinating. Understanding diamonds are important because each diamond is unique in its way. Even an expert cannot incorporate as much information about price as a picture of the entire market without analysing the characteristics of the diamonds. Hadley’s ggplot2 ships with a data set that records the carat size and the price of more than 50 thousand diamonds, from Diamond Search Engine collected in 2008. In this paper we perform an exploratory data analysis using R on the diamond dataset to understand the diamond market trends, quality and price by analysing factors for Market Research. The difficulties that may arise with the analysis include, improper dataset, Presence of Outliers, Faulty Data etc. Also since the dataset dates back to 2008, the estimates may not be used with today’s market trends. © BEIESP.