Global Diamond Production Goes Down by 23%

Mumbai: Global diamond production plummeted 23% last year to 107.07 million carats as mining companies cut back output amid the Covid-19 pandemic, according to recent data published by the Kimberley Process (KP).

By value, diamond production in 2020 plunged 32% to $9.23 billion compared with $13.57 billion recorded in 2019, and averaged $86.25 per carat.

Last year, Botswana was the top diamond producer in value terms, with an output of 16.94 million carats worth $2.52 billion, averaging $148.8 per carat. Botswana’s diamond output fell 27% in value versus 2019.

Russia meanwhile produced more diamonds than any other country in 2020 on a volume basis — with 31.18 million carats valued at $2.25 billion, averaging $72.30 per carat. Russia’s output took a 45% hit by value year-on-year.