In 2023, Russia’s rough-diamond production value surpassed Botswana’s for the first time, despite facing significant sanctions and a weak market.
The increase occurred even with intensified sanctions, including the European Union’s ban on Russian diamonds and stricter U.S. regulations on goods significantly altered in third-party countries like India.
According to Kimberley Process (KP) statistics released this week, Russia produced 37.3 million carats of rough diamonds last year, valued at $3.61 billion, with an average price of $97 per carat.
This contrasts with 2022 figures, where Russia produced 41.9 million carats worth $3.55 billion, at an average of $85 per carat.
Meanwhile, Botswana’s diamond production value declined, likely due to a lower available output mix at De Beers’ Jwaneng deposit, which is currently undergoing expansion.
In 2023, Botswana produced 25.1 million carats valued at $3.28 billion, with an average price of $131 per carat. This compares to 2022 production of 24.5 million carats, valued at $4.7 billion, with an average price of $192 per carat.
Globally, rough diamond output fell by 20% year-on-year to $12.72 billion. In volume, production decreased by 8% to 111.5 million carats. Total imports dropped by 10% in volume, while global exports declined by 9%.
The decline in exports included a 12% reduction in carats exported from Russia, a 24% drop from Botswana, and a 45% decrease from South Africa.
