Despite facing increased sanctions, such as bans on Russian diamonds by the European Union and stricter regulations from the US, Russia’s rough-diamond production reached 37.3 million carats last year, valued at $3.61 billion, averaging $97 per carat.
In comparison, Botswana, historically a leading producer, produced 25.1 million carats in 2023, totaling $3.28 billion at an average price of $131 per carat.
This highlights Russia’s resilience and efficiency in diamond production amid geopolitical challenges and market uncertainties. It also reflects the changing dynamics in the global diamond industry, influenced by regulatory environments and market demand.
Looking forward, both countries are expected to navigate these challenges while maintaining their roles in the global diamond supply chain. They will adapt strategies to sustain competitiveness and leadership in the market.
