According to the most recent data given by the Kimberley Process Certification Scheme (KPCS), the worldwide diamond market saw major changes in value and volume in 2023. In 2023, overall diamond production declined by 7.6% to 111.52 million carats. Global diamond output by value fell 20% to $12.72 billion from $15.97 billion in 2022, with an average diamond value of $114.1 per carat.
Among the top diamond-producing countries, Russia had a fall in both volume and value, generating 37.3 million carats valued at $3.6 billion, down from 41.9 million carats valued at $3.5 billion the previous year.
Botswana’s production volume increased slightly in 2023, reaching 25.1 million carats. However, the value of these diamonds has dropped dramatically, from $4.7 billion in 2022 to $3.3 billion in 2023.
Canada, known for its high-quality diamonds, maintained a reasonably consistent production level of approximately 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 volatility in market pricing despite steady production levels.
India remained a key player in the diamond market, importing the most raw diamonds in both volume and value. In 2023, India imported 127.7 million carats of raw diamonds worth $14.6 billion. India’s rough exports in 2023 totaled 26.3 million carats worth $1.49 billion.
Namibia had the highest average diamond value, $517.35 per carat, with a raw diamond output of 23.85 million carats worth $1.23 billion.