The Current State of the Global Diamond Industry
What is the diamond industry? Diamonds are a solid form of elemental carbon with its atoms arranged in a crystal structure called diamond cubic. They are highly sought after as gemstones and a commodity, known for luxury. In the past, diamonds used to be rare, but South Africa and the Democratic Republic of Congo changed that by discovering diamond deposits never seen before, leading to the production of diamonds at a mass scale. The diamond is the hardest material on Earth and this is BizVibe’s factsheet on the diamond industry and the top 10 diamond producing countries in the world in 2020.
How the diamond industry works? The diamond industry is segmented into multiples groups. There are producers of diamonds that mine rough diamonds, sort them, and then sell them. There are cutters and polishers of diamonds, who buy rough diamonds from producers, then cut and polish them to produce diamond gemstones. Lastly, retailers sell diamonds as jewelry to consumers. Every step of the way involves a rigorous process that has been refined for the last 100 years and is highly profitable. This factsheet is to help B2B professionals discover the best ways to get into this enter the global diamonds market by identifying the top producers of diamonds and which companies to reach out to.
- Discover who are the top 10 diamond producing countries in the world in 2020?
- Figure out how the diamond industry works?
- Where do most diamonds come from?
- Diamond production by country in 2020
- Annual production of diamonds
- Diamond industry trends and stats you should know.
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Diamond Industry Trends and Stats
- Worldwide reserves are estimated to be around 1.2 billion carats.
- Russia produces 30% of the world’s diamond gemstones.
- Large retailers control 35% of the jewelry diamonds market.
- The top 5 players control 70% of the rough diamonds market.
- The top 5 companies that produce rough diamonds: Petra Diamonds, Dominion Diamond Mines, Rio Tinto, De Beers, ALROSA.
- Midstream inventories grew in 2018 and are on the rise.
- Botswana, South Africa, and Canada have the highest growth rates in diamond production.
Top 10 Diamond Production Countries in the World in 2020
Who are the top 10 diamond producing countries in the world as of 2020? The following is a list of major diamond producing countries ranked by carats of diamonds produced last year.
Russia ranks number 1 on the list of the top 10 diamond producing countries in the world as of 2020. Russia produces 23,000,000 carats of gem-quality diamonds in the world, making the nation the leading nation among the top producers of diamonds in the world. Russia has been the major-diamond producing country since 2009 and diamonds have been found in Russia as far back as the 18th century. Where do most diamonds come from? Currently, Russia produces 30% of the world’s diamonds.
- Russia Diamond Production: 23,000,000 carats
Botswana — officially the Republic of Botswana — is a landlocked country in Southern Afric. Botswana is the second-largest producer of diamonds in the world in 2020. Botswana was a pioneer nation in bulk sampling and was one of the first countries to characterize and identify diamond pipes across a large and difficult geographic area. In 1966, the first diamond deposits were discovered in Botswana. Botswana diamond production grew by 6% last year, the fastest growth rate among the top 10 diamond producing countries in the world.
- Botswana Diamond Production: 16,000,000 carats
- Major Diamond Companies in Botswana: De Beers (Debswana), Petra Diamonds, Lucara Diamonds, Gem Diamonds, and Firestone Diamonds.
When it comes to diamond production, you wouldn’t think Canada would rank near the top of major diamond producing countries. Canada is the biggest surprise on this list and ranks 3rd among the top 10 diamond producing countries in the world in 2020. Currently, the youngest diamond producing country on this list, geologists discovered diamond deposits in the Arctic area and now Canada has become a leading diamond producing country. Canada has major diamond mines located in Diavik, Ekati, and Gahcho Kué in the North West Territories, the Renard mine in Quebec, and the Victor mine in Ontario ran leading diamond companies such as Rio Tinto, Dominion Diamond, De Beers, and Stornoway Diamonds.
- Canada Diamond Prodcution: 13,000,000 carats
Angola is an African country rich in diamonds, known for its extensive diamonds reserves and in 2018 produced 8,500,000 carats of gem-quality diamonds in the world. Diamond production in Angola began when it was a Portuguese colony over 100 years ago. Angola is especially known for its Lulo Mine, owned by Lucapa Diamond Company. Angola’s major resources are diamonds and oil.
- Angola Diamond Production: 8,500,000 carats
- Major Diamond Companies in Angola: Alrosa (Catoca), De Beers, and Lucapa.
5. South Africa
The modern diamond industry pretty much starts with South Africa. Prior tom South Africa entering diamond production, the commodity was truly a rare gem, but South Africa made it mainstream. Currently, South Africa produces 7,700,000 carats of diamonds per year and is home to lucrative and highly-sought-after pink and blue diamonds. Although the pioneer of diamond production, currently South Africa’s diamond mines have aged and very few large deposits are found today. Still, South Africa continues producing diamonds from alluvial deposits and pipes within the country.
- South Africa Diamond Production: 7,700,000 carats
6. The Democratic Republic of the Congo
DR Congo is the nation that made diamond-producing profitable for South Africa. DR Congo produces 3,700,000 carats of diamonds today. In addition to diamonds, DR Congo is also known as a leading producer of cobalt, copper, tantalum, tin, and gold.
- DR Congo Diamond Production: 3,700,000 carats
Diamond mining in Namibia started over 100 years ago in 1908 and currently, Namibia is one of the major producers of diamonds in the world. These days, diamonds are mined offshore in Namibia’s exclusive economic zone in water over 140 meters deep. Namibia produces 1,900,000 carats of diamonds annually.
- Namibia Diamond Production: 1,900,000 carats
Lesotho may be a tiny kingdom in South Africa, but the nation is known for efficiently and consistently producing diamonds. Lesotho is known for running the Letseng mine, a record-breaking mine, as it has the highest average “dollar per carat” yield of all kimberlite mines in the world. As of 2020, Lesotho produces 1,100,000 carats of diamonds in the world.
- Lesotho Diamond Production: 1,100,000
Another relatively young country in this list of the top 10 diamond producing countries is Australia. Australia started commercial production in 1981 and quickly jumped up the ranks of the top diamond producers. The new Argyle underground diamond mine in Western Australia is one of the nation’s top mines. Australia currently produces 340,000 carats of diamonds annually.
- Austrtalia Dimaond Produciton: 340,000
Rounding out BizVubes’s list of the top 10 diamond producing countries in the world is Tanzania. Tanzania produces 260,000 carats of diamonds annually and is known for the Williamson Diamond Mine. The Williamson Diamond Mine is known as the first diamond mine outside of South Africa.
- Tanzania Diamond Production: 260,000 carats
This is BizVibe’s list of the top 10 diamond producing countries in the world in 2020. These countries are changing the way commodity products are mined. Reach out to leading companies from these countries today.
Diamond Production By Country 2020
The following are the top countries that produce diamonds in the world using 2018 figures from USGS minerals commodities summaries.
Diamonds Produced in Carats
How Many Diamonds are Mined Each Year
Here is a chart of the global production of rough diamonds each year from 2005 to 2019.
Rough Diamonds Produced (million carats)
- After a slight decline in rough diamond production in the early portion of the decade, the rate of rough diamond production is currently back on the rise from pre-crisis levels.
The Future of the Global Diamond Industry
As economic prosperity rises and as long as there are still diamond reserves yet to be tapped, expect the global diamond industry to keep growing and showing a promising future. The top 10 diamond producing countries are expected to maintain their position as the major diamond producing countries but you never know when another Canada might pop up. Until then expect rough diamond production to rise from pre-crisis levels and expect gemstone production to increase as economic prosperity increases throughout the world.