BW no longer top in rough diamond production value
For the first time in the Kimberley Process’ 21-year history, Botswana is no longer the leading nation in terms of value in rough diamond production.
This honour now belongs to Russia, who knocked BW off top spot as per the Kimberley Process report for 2023.
Russia’s rise comes despite severe sanctions imposed on the country, with the European Union (EU) the latest to shun Russia’s rocks, and a weak market.
According to Kimberley Process statistics, the Vladimir Putin-led nation produced 37.3 million carats of rough diamonds, valued at $3.61 billion, which works out at an average price of $97 per carat.
This represents a drop in production but increase in value compared to 2022, when the Eastern Europeans’ diamond output stood at 41.9 million carats valued at $3.55 billion, with an average price of $85 per carat.
In comparison, Botswana’s 2023 production stood at 25.1 million carats valued at $3.28 billion, with an average price of $131 per carat.
This is a considerable drop from the year before, when BW produced 24.5 million carats valued at $4.7 billion and an average price of $192 per carat.
The decline is attributed to a lower available output mix at Debswana’s Jwaneng deposit, which is in the middle of an expansion.
Locally, diamond mining production has already decreased drastically for the first quarter of 2024, dropping by 27.4 percent to 5, 076 thousand carats.
Similarly, quarter-on-quarter analysis shows that production fell by 18.7 percent.
Meanwhile, global rough output fell 20 percent year-on-year to $12.72 billion, while volumes went down by 8 percent to 111.5 million carats.
Top Nations By Production Value In 2023
Russia – $3.61 Billion
Botswana – $3.28Billion
Canada – $1.55 Billion
Angola – $1.53 Billion
Namibia – $1.23 Billion
South Africa – $794 Million
Zimbabwe – $303 Million
Lesotho – $139 Million
Sierra Leone – $102 Million
DRC – $65 Million
