The value of Russia's rough diamond production surpassed that of Botswana for the first time in 2023. Even as sanctions and a weak market prevented the country's diamond sales.
The increase comes despite increased sanctions. Although the addition of the European Union to the list of countries banning Russian diamonds was made. But also the stricter US rules on products that have been substantially modified in a third country such as India.
Last year, Russia produced 37.3 million carats of rough diamonds, worth a total of $3.61 billion, at an average price of $97 per carat. According to Kimberley Process (KP) statistics released this week. This compares with 2022 production, which stood at 41.9 million carats. A total value of $3.55 billion and an average price of $85 per carat.
Meanwhile, the value of production in Botswana's mines slipped. Possibly due to the lower available production mix at De Beers' Jwaneng field, which is in the midst of an expansion. In 2023, the country produced 25.1 million carats, worth a total of $3.28 billion, at an average price of $131 per carat. While in 2022, the production of 24.5 million carats was valued at $4.7 billion. With an average price of $192 per carat.
Global production of rough stones decreased by 20% year-on-year to $12.72 billion. On a volume basis, production fell by 8% to 111.5 million carats. Total imports fell by 10% in volume terms, while global exports fell by 9%.
The decline in exports reflects a 12% drop in the number of carats exported from Russia, a 24% drop in Botswana and a 45% drop in South Africa.
Source: rapaport.com
