The global diamond market experienced significant shifts in value and volume in 2023, according to the latest data from the Kimberley Process Certification Scheme (KPCS). In 2023, total diamond production by volume fell 7.6% to 111.52 million carats. Global diamond production by value fell 20% to $12.72 billion from $15.97 billion in 2022, with the average diamond value being $114.1 per carat.
Among the leading diamond producing countries, Russia saw a decline in both volume and value, with production at 37.3 million carats valued at $3.6 billion, compared to 41.9 million carats valued at $3.5 billion the previous year.
Botswana saw a slight increase in production volume to 25.1 million carats in 2023. However, the value of these diamonds fell significantly from $4.7 billion in 2022 to $3.3 billion in 2023.
Canada, known for its high-quality diamonds, was able to maintain a relatively stable production volume of around 16 million carats between 2022 and 2023. However, the value of these diamonds fell from $1.87 billion in 2022 to $1.54 billion in 2023, indicating fluctuations in market prices despite consistent production levels.
India continued to be a key player in the diamond market and was the largest importer of rough diamonds in both volume and value. In 2023, India imported 127.7 million carats of rough diamonds valued at $14.6 billion. India’s rough exports in 2023 were 26.3 million carats valued at $1.49 billion.
Namibia recorded the highest average diamond value of US$517.35 per carat with rough diamond production of 23.85 million carats valued at US$1.23 billion.
