Moscow. INTERFAX.RU – According to the Kimberley Process, diamond production in Russia in 2023 fell by 11%, amounting to 37.32 million carats, which was the most significant drop among the largest mining countries.
ALROSA’s production last year, as the company reported, amounted to 34.6 million carats. In addition to ALROSA, AGD Diamonds, which develops the Grib deposits in the Arkhangelsk region, is engaged in mining in Russia. Both diamond miners are under US and UK sanctions, and since January 2024, the G7 countries have imposed a direct ban on the import of Russian rough and polished diamonds over 1 carat.
Diamond exports from Russia last year amounted to 32.42 million carats, which is 12% lower than the 2022 level (36.73 million carats), while the average price rose by 8%, to $113.8 per carat. In total, exports in 2023 are estimated at $3.68 billion, which is 5% lower than the previous year.
Global diamond production last year decreased by 8% y/y, amounting to 111.52 million carats.
In Botswana and Angola, production increased last year – to 25.1 million carats and 9.75 million carats (by 2% and 11%, respectively). In Canada, production fell by 2%, to 16 million carats; in the DR Congo – by 23%, to 8.35 million carats.
Diamond imports to India, reflecting the state of the world market, decreased by 11% in 2023, to 127.75 million carats. In monetary terms, imports are estimated at $14.7 billion, which is 12% lower than the 2022 level. Last year, India imposed an embargo on rough diamond imports from October 15 to December 15 amid falling demand for diamonds.
The production cuts were miners’ response to falling demand from cutters. The market’s recovery this year has been slow, as evidenced by weak sales results from De Beers and production cuts from De Beers and Petra Diamonds.