Only three countries control over 80% of global diamond reserves

Business World News

Data gathered by indicates that Russia, Congo, and Botswana control about 86.1% of the global diamond reserves. The data shows that the total global diamond reserves are about 1.1 billion carats.

The demand for diamonds is set to grow

Russia controls more than half of the global reserves (52%) with 650 million diamond carats followed by Congo with 150 million carats. Botswana is third with reserves totaling 90 million carats. Other notable reserves are in South Africa (54 million), Australia (39 million) and other countries (120 million carats)

In terms of diamond production, at the end of 2019, Russia produced an estimated 19 million diamond carats in mining. Australia had 13 million carats followed by Congo at 12 million carats. Botswana, Zimbabwe, and South Africa produced six, three, and two million carats respectively. Other countries produced one million diamond carats.

The research further shows that the buy and sell demand for diamonds is set to keep rising whereby 2050, the figure will be 292 million carats, a growth of 88.38% from 2018’s number of 155 million. By 2022, the demand will be 178 million diamond carats. Four years later, the demand will grow by 12.36% to 200 million carats.

Although the demand is set to grow, various factors come into play. According to the report:

“The demand for polished diamonds is mainly driven by two major factors including geopolitical and macroeconomic. These factors tend to increase or lower consumer confidence and thus affect the demand directly.”

Some of the global diamond reserves are expected to deplete in the coming years. However, apart from mining, diamonds can also be produced in laboratories in the form of synthetic diamonds.

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