Russia cut diamond production 11%, exports 12% in 2023 - Kimberley Process data

MOSCOW. July 3 (Interfax) - Russia mined 37.32 million carats of diamonds in 2023, down 11% from 2022 and the biggest drop among the major mining countries, according to Kimberley Process data.

Russia's Alrosa has said it mined 34.6 million carats of diamonds in 2023. AGD Diamonds also mines diamonds in Russia, at the Grib deposit in the Arkhangelsk region. Both diamond miners are on the U.S. and UK sanctions lists, and G7 countries imposed a direct ban on imports of Russian rough diamonds and polished diamonds weighing more than 1 carat on January 2024.

Russian diamond exports fell 12% to 32.42 million carats in 2023 from 36.73 million carats in 2022, while the average price rose 8% to $113.8 per carat. Total exports in 2023 are estimated at $3.68 billion, which is 5% lower than the previous year.

Global diamond production last year decreased by 8% to 111.52 million carats.

Botswana and Angola mined 25.1 million carats and 9.75 million carats, respectively, down 2% and 11%, respectively. Canada's production fell 2% to 16 million carats and DR Congo's output fell 23% to 8.35 million carats.

India's diamond imports, which reflect the state of the global market, fell 11% in 2023 to 127.75 million carats and 12% to $14.7 billion. Last year, as demand for polished diamonds decreased, India imposed an embargo on rough diamond imports, which was in effect from October 15 to December 15.

The drop in mine output was a reaction to a drop in demand from cutters. The market recovery is taking its time this year, evidenced most recently by weak sales results from De Beers and lower production guidance from De Beers and Petra Diamonds.