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Diamond Industry Shrinks

by Madonna

Global rough diamond mining saw a significant decline in value in 2023, dropping by over 20% from $16 billion in 2022 to $12.7 billion, according to the latest figures from the Kimberley Process (KP).

The volume of diamonds mined also decreased by 7.6% to 111.5 million carats, with the average price per carat falling nearly 14% from $132.27 to $114.10.


In Russia, diamond production decreased by 11% from 42 million carats in 2022 to 37.3 million carats in 2023. However, the average price per carat rose by 14%, increasing from $84.77 to $96.64. Russian diamond exports decreased by 5% to $3.68 billion.


Botswana, on the other hand, slightly increased its diamond production volume to 25.1 million carats in 2023. However, the value of its diamond production plummeted by 30%, falling from $4.7 billion in 2022 to $3.3 billion.


According to historical data from the Kimberley Process, the global diamond industry reached its peak in 2017 with production hitting 150 million carats, marking a 16% increase from the previous year’s 126 million carats. Subsequently, production levels were stable at 149 million carats in 2018, followed by declines to 138 million carats in 2019, 107 million carats in 2020 (down 22%), and 119 million carats in 2021.


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