Russia Still Largest Rough Producer by Value in 2024
Russia retained its crown 👑 as the world's top producer of rough diamonds by value in 2024, holding off Botswana despite geopolitical hurdles and a shaky market.
The country matched its 2023 output, producing 37.3 million carats valued at $3.34 billion, averaging $89 per carat, according to the Kimberley Process stats released last week. This marks a drop from 2023’s value of $3.61 billion at $97 per carat, but was still enough to keep it ahead.
Botswana tried to catch up, increasing its production to 28.2 million carats valued at $3.31 billion in 2024. However, it suffered from a weaker output mix as De Beers’ Jwaneng mine undergoes expansion. In 2023, Botswana mined 25.1 million carats worth $3.28 billion, averaging $131 per carat.
📉 Global Perspective
Global rough output fell 10% year-on-year to $11.48 billion, though total volume rose 6% to 118 million carats.
Imports declined 6% by volume, while exports dropped 7%, driven by major dips from key players:
- Russia: -6%
- Botswana: -21%
- Canada: -19%
- South Africa: -9%
- Namibia: -27%
📊 Despite sanctions from the US and EU, Russia stayed dominant—highlighting how supply chains continue to adapt under pressure.