Russia retained its position as the top country in terms of rough-diamond production value in 2024, after surpassing Botswana for the first time a year earlier.
The federation maintained output from the previous year. However, it faced challenges not only from sanctions against Russian goods throughout the US and the European Union, but also from an increasingly weakened diamond market. Despite that, it still beat Botswana, which likely suffered from a lower available output mix at De Beers’ Jwaneng deposit, which is in the middle of an expansion.
Last year, Russia produced 37.3 million carats of rough, with a total value of $3.34 billion, at an average price of $89 per carat, according to statistics the Kimberley Process (KP) released last week. That compared to 2023 output of 37.3 million carats with a total value of $3.61 billion and an average price of $97 per carat. Meanwhile, Botswana increased production from the prior year but dealt with a weaker product mix amid its transition. In 2024, the country produced 28.2 million carats, with a total value of $3.31 billion, at an average price of $117 per carat, while the 25.1 million carats it recovered in 2023 were valued at $3.28 billion, with the average price set at $131 per carat.
Global rough output fell 10% year on year to $11.48 billion. By volume, production grew 6% to 118 million carats. Total imports declined 6% by volume, while global exports were down 7%.
The dip in exports reflected a 6% slump in the number of carats exported from Russia, and a slide of 21% from Botswana, 19% from Canada, 9% from South Africa, and 27% from Namibia.
The Top 10 Nations by Production Value in 2023:
Image: Rough diamonds. (Shutterstock)
