2024 Diamond Stats: Russia Leads in Volume and Value, Namibia Tops in Quality

Russia and Botswana once again led the world in rough diamond production in 2024, according to newly released statistics from the Kimberley Process Certification Scheme. But while Russia retained the top spot in both volume and value — despite international sanctions — Namibia stole the spotlight for quality, with the highest average value per carat among major producers.

Russia: Still on Top Despite Headwinds
Russia accounted for 32% of global rough diamond production by volume (37.3 million carats) and 29% by value ($3.335 billion). Though its carat production remained level with 2023, value slipped slightly from $3.61 billion, reflecting a drop in average price per carat from $97 to $89.

Botswana: Impressive Runner-Up
Botswana increased its carat output from 25.1 million in 2023 to 28.2 million in 2024, but its dollar value barely budged ($3.31 billion vs. $3.28 billion), due to its average price per carat declining from $131 to $117. Still, Botswana’s reputation for gem-quality diamonds remains intact, keeping it a close second in both volume and value.

Namibia and Lesotho: Small Producers, Big Prices
Namibia produced just 2.3 million carats — ranking #8 by volume — but topped the global list in quality, with an average value of $417 per carat. Though lower than its 2022 peak of $601, the figure reflects the ongoing strength of Namibia’s offshore mining sector. Lesotho followed closely with $333 per carat. With fewer than 700,000 carats mined, the country still earned $232 million — good for #7 in value rankings.

Angola and Canada: Solid Mid-Tier Players
Angola remained #3 in value ($1.412 billion) on the strength of its high-grade rough, as volume stood at 14 million carats. At $101 per carat, Angola’s rough output continues to trend toward higher-quality goods. Canada ranked #4 by volume (13.3 million carats) and #4 in value ($1.075 billion), although its average price per carat dropped to $81 from $111 in 2022.

South Africa and Sierra Leone: Heritage and Promise
South Africa, once the epicenter of the global diamond industry, ranked #6 in volume (5.3 million carats) and #6 in value ($662 million). Its diamonds fetched a respectable $124 per carat — above average and consistent with its long-standing reputation for producing large, high-quality stones. Though its output has declined from historic highs, South Africa remains a steady contributor of gem-grade material.

Sierra Leone, meanwhile, barely made the Top 10 in both volume (573,983 carats) and value ($103 million). However, its $180-per-carat average ranks third globally — behind only Namibia and Lesotho. This speaks to the enduring value of its artisanal and small-scale mining operations, which occasionally yield extraordinary finds.

Zimbabwe and the DRC: High Volume, Low Value
Zimbabwe produced 5.3 million carats, valued at $163 million, for an average of just $31 per carat. The Democratic Republic of Congo (DRC) followed a similar pattern with 9.8 million carats but only $106 million in value — a mere $11 per carat — indicating a continued focus on industrial-grade stones.

Total global rough output in 2024 was 118 million carats, up 6% from 2023. However, overall value fell 10% year-over-year to $11.48 billion. Only 10 countries accounted for over 99% of all diamond production, a testament to the industry’s geographic concentration.

While Russia and Botswana dominate the conversation, the 2024 data underscores how value and quality can shift the narrative, as seen with the high per-carat performances of Namibia and Lesotho.

Credit: Image of rough diamonds mined in Russia, courtesy of Alrosa.