Diamond Industry is Shrinking

rough diamond
large natural rough diamond being inspected

The value of rough diamonds mined globally during 2023 fell by just over 20 per cent, down from $16bn in 2022 to $12.7bn according to the latest Kimberley Process (KP) figures.

The volume of diamonds mined fell by 7.6 per cent to 111.5m carats, and average per carat prices slipped almost 14 per cent from $132.27 to $114.10.

Production in Russia fell by 11 per cent, from 42m carats in 2022 to 37.3m carats, although average price carat actually increased by 14 per cent from $84.77 to $96.64. Exports were down 5 per cent to $3.68bn.

Botswana’s production volume increased slightly to 25.1m carats in 2023 but plunged 30 per cent by value, from $4.7bn in 2022 to $3.3bn.

The global diamond industry peaked in 2017, according to historical KP data, when production hit 150m carats, a 16 per cent leap from 126m carats the previous year.

It held firm at 149m carats in 2018, then slipped to 138m carats in 2019; 107m carats in 2020 (down 22 per cent) and 119m carats in 2021.

Source: Idex