Global rough-diamond output grew 2% to $14.47 billion last year, reflecting higher production in Botswana, according to data the Kimberley Process (KP) released last week.
The average price increased 4% to $97 per carat, outweighing a 2% decline in production volume to 148.4 million carats, the figures showed.
Russia remained the world’s principal source of rough, despite its recoveries falling 3% to $3.98 billion. Botswana was largely responsible for the overall increase in value, with the nation’s output rising 6% to $3.53 billion for the year. Production in Canada increased 2% to $2.1 billion.
Volume down
The decline in global production volume mirrors a slump in supply from the Argyle mine in Australia. Production in the country fell 18% to 14.1 million carats, according to the KP, matching data for Argyle provided earlier this year by its owner, Rio Tinto.
Botswana, which offers higher-value goods than most other large producing countries, saw 2018 output volume rise 6% to 24.4 million carats, reflecting a similar increase in production at Debswana, De Beers’ joint venture with the Botswana government.
Meanwhile, Botswana overtook Canada as the second-largest producer by volume, after dropping into third place in 2017.
Top 10 rough producers in 2018
