The global diamond market experienced significant shifts in value and volume in 2023, according to the latest data published by the Kimberley Process Certification Scheme (KPCS). In 2023, total diamond production in volume terms fell 7.6% to 111.52 million carats. Global diamond output by value plummeted 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 experienced a decrease in both volume and value, with an output of 37.3 million carats valued at $3.6 billion, down from 41.9 million carats valued at $3.5 billion in the previous year.
Botswana saw a slight increase in production volume to 25.1 million carats in 2023. However, the value of these diamonds decreased significantly from $4.7 billion in 2022 to $3.3 billion in 2023.
Canada, known for its high-quality diamonds, maintained a relatively stable production volume of around 16 million carats between 2022 and 2023. However, the value of these diamonds decreased from $1.87 billion in 2022 to $1.54 billion in 2023, suggesting fluctuations in market prices despite consistent production levels.
India continued to be a central player in the diamond market as the highest rough diamond importer in volume and value terms. In 2023, India imported 127.7 million carats of rough diamonds valued at $14.6 billion. India’s rough exports in 2023 stood at 26.3 million carats worth $1.49 billion.
Namibia registered the highest average diamond value of $517.35 per carat, with a rough diamond output of 23.85 million carats valued at $1.23 billion.