Mathew Nyaungwa*

The global diamond industry saw a resurgence in 2024, with approximately 118 million carats of rough diamonds mined worldwide, according to the latest Kimberley Process data.

Russia was the top producer, contributing 37.3 million carats, which accounted for 31.6% of the total output, while Botswana followed closely with 28.2 million carats (23.9%).

Angola, Canada, and the Democratic Republic of Congo also made significant contributions, accounting for 11.9%, 11.3%, and 8.3%, respectively. While production volume increased, the total value of diamonds fell by 10% to $11.48 billion, reflecting continued weaker consumer demand.

In terms of value, Russia again led the market, generating $3.34 billion (29.1%) worth of diamonds, closely followed by Botswana at $3.31 billion (28.8%). Angola ranked third with $1.41 billion (12.3%), with Canada and Namibia completing the top five.

UAE leads global exports

The global trade in rough diamonds thrived in 2024, with exports reaching 284.9 million carats valued at $30 billion.

The United Arab Emirates (UAE) emerged as the largest exporter, shipping 85.7 million carats worth $9.83 billion, highlighting its vital role as a diamond trading hub.

The European Union and Russia followed, exporting 40 million and 30.4 million carats, respectively.

Notable exporters also included India, which exported 22.8 million carats, and Botswana, which shipped 20.3 million.

In value terms, the EU ranked second with $4.32 billion, followed by Botswana ($2.81 billion), Russia ($2.62 billion), and South Africa ($1.58 billion).

India remains the global centre for diamond cutting and polishing

On the import side, the global total reached 287.4 million carats, valued at $30.8 billion. India dominated the import market, receiving 114.1 million carats—nearly 40% of all global imports—valued at over $11 billion.

The UAE was a close second, importing 83.1 million carats, while the EU, China, and Armenia also played prominent roles.

India led in import value, reflecting its continued importance as a global centre for diamond cutting and polishing.

This data underscores the resilience and shifting dynamics of the global diamond trade amid evolving geopolitical and economic conditions.

• Mathew Nyaungwa is Editor-In-Chief, Rough & Polished