8 July 2024
The value of Russia’s rough-diamond production surpassed Botswana’s for the first time in 2023 even as sanctions and a weak market hindered the country’s diamond sales.
The growth comes despite increased sanctions, including the addition of the European Union to the list of those banning Russian diamonds and harsher rules by the US regarding goods substantially changed in a third-party country, such as India.
Last year, Russia produced 37.3 million carats of rough, with a total value of $3.61 billion, at an average price of $97 per carat, according to statistics the Kimberley Process (KP) released this week. That compared to 2022 output of 41.9 million carats with a total value of $3.55 billion, and an average price of $85 per carat.
Meanwhile, the value of production at Botswana’s mines slid, possibly due to a lower available output mix at De Beers’ Jwaneng deposit, which is in the middle of an expansion.
In 2023, the country produced 25.1 million carats, with a total value of $3.28 billion, at an average price of $131 per carat, while in 2022 output of 24.5 million carats was valued at $4.7 billion, with the average price set at $192 per carat.
Global rough output fell 20% year on year to $12.72 billion. By volume, production slipped 8% to 111.5 million carats. Total imports dropped 10% by volume, while global exports were down 9%. The decline in exports reflected a 12% slump in the number of carats exported from Russia, a 24% drop from Botswana, and a 45% decrease from South Africa.
The Top 10 Nations by Production Value in 2023
Source: https://rapaport.com/news/russia-overtakes-botswana-for-rough-diamond-production-value-in-2023/
