Russia Becomes Top Diamond Producer in 2014

Rough DiamondsMoscow: Global diamond output grew 4 percent in value last year to $14.5 billion as the average price per carat jumped 8 percent to $116.17 and Russia displaced Botswana as the world’s largest producer, according to data published by the Kimberley Process Certification Scheme (KPCS). In terms of volume, production fell by 4 percent to 124.778 million carats.

Russia, which has traditionally played second fiddle to Botswana in world diamond output rankings, was the largest producer in terms of value and volume, as per KPCS annual data. The average price of the nation’s total diamond crop, which largely comes from ALROSA’s mining activity, surged 19 percent to $97.47 per carat as the value of precious stones catapulted 20 percent to $3.73 billion and volume edged up 1 percent to 38.303 million carats.

The average price in Botswana, where mines owned by De Beers are the predominant producers, slid 5 percent to $147.84 per carat because the growth in value of the nation’s diamond output flat-lined at $3.65 billion even as volume advanced 6 percent to 23.187 million carats.