KP Report: Diamond Industry Faces 20% Drop in 2023 Value

The global value of rough diamonds mined in 2023 dropped by over 20%, from $16 billion in 2022 to $12.7 billion, according to the latest Kimberley Process (KP) figures as quoted by IDEX Online.

Year-to-year, the volume of diamonds mined decreased by 7.6% to 111.5 million carats, with the average price per carat falling nearly 14% to $114.10.

In Russia, diamond production declined by 11%, from 42 million carats in 2022 to 37.3 million carats in 2023, though the average price per carat rose 14%, from $84.77 to $96.64. Russian diamond exports dropped 5% to $3.68 billion. Botswana’s diamond production saw a slight increase to 25.1 million carats in 2023, but the value plummeted by 30%, from $4.7 billion in 2022 to $3.3 billion.

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