Russia held onto its position as the world’s leading producer of rough diamonds by value in 2024, maintaining the top spot it secured for the first time in 2023, ahead of Botswana.
Despite facing significant challenges—including ongoing sanctions from the United States and European Union, as well as a broadly weakened diamond market—Russia sustained its rough-diamond output at 2023 levels.
The country produced 37.3 million carats in both 2023 and 2024. However, due to market softening, the value of that output fell from $3.61 billion in 2023 to $3.34 billion in 2024, with the average price per carat dropping from $97 to $89.
Botswana, traditionally a leader in diamond production, increased its output in 2024 but was hampered by a less favorable product mix as De Beers’ Jwaneng mine undergoes expansion.
The country produced 28.2 million carats worth $3.31 billion in 2024, with an average price of $117 per carat.
This compares to 25.1 million carats in 2023, valued at $3.28 billion and averaging $131 per carat.
Globally, the rough diamond sector faced headwinds. The total value of global rough output declined by 10% year over year to $11.48 billion.
Despite the drop in value, production volume rose 6% to 118 million carats, indicating a shift toward lower-priced goods.
Trade activity also slowed. Global diamond imports declined by 6% in volume, and exports dropped by 7%.
The decline in exports reflected reduced output from major producers: Russian exports fell 6%, Botswana’s dropped 21%, Canada’s declined 19%, South Africa’s were down 9%, and Namibia’s plummeted 27%.
