In 2023, Russia’s rough-diamond production exceeded Botswana’s for the first time, despite facing challenges such as sanctions and a sluggish market affecting diamond sales.
Last year, Russia mined 37.3 million carats of rough diamonds valued at $3.61 billion, with an average price of $97 per carat, according to recent Kimberley Process (KP) data. This marked a slight decrease from 2022, when Russia produced 41.9 million carats valued at $3.55 billion, averaging $85 per carat. Meanwhile, Botswana’s diamond production saw a decline in value, potentially influenced by reduced output from De Beers’ Jwaneng mine during its expansion phase. In 2023, Botswana produced 25.1 million carats valued at $3.28 billion, averaging $131 per carat, compared to 24.5 million carats valued at $4.7 billion in 2022, at an average price of $192 per carat.
Globally, rough diamond production fell by 20% year-on-year to $12.72 billion, with a volume decrease of 8% to 111.5 million carats. Total diamond imports decreased by 10% by volume, while global exports declined by 9%.
The decrease in exports was particularly notable with a 12% decline in carats exported from Russia, a 24% decrease from Botswana, and a 45% drop from South Africa.
