The global rough diamond industry produced fewer carats in 2025, yet resilient pricing ensured the decline in revenues remained relatively limited.
Worldwide output fell to 98.8 million carats during the year, reflecting a noticeable contraction from 2024 levels. However, the value of global production recorded only a modest decline, supported by an increase in average prices across several producing markets.
Russia retained its position as the world's largest rough diamond producer by volume and value despite a significant reduction in output. Production declined to 31.5 million carats during the year, while the overall value generated from Russian rough also softened. Even with these declines, Russia maintained a considerable lead over competing producing nations.
Botswana delivered one of the strongest performances of the year from a value perspective. Although production volumes contracted, the country recorded a sharp rise in the value of its rough output, driven by a substantial increase in average prices achieved per carat.
The shift suggests a stronger contribution from larger, higher-value or better-quality stones within Botswana's production mix, reinforcing the country's position among the world's most valuable diamond-producing markets.
Angola emerged as one of the few producing nations to record growth across all major indicators. The country increased production volumes while simultaneously improving both total production value and realised prices per carat, signalling continued momentum within its mining sector.
Meanwhile, the Democratic Republic of Congo remained among the highest-volume producers globally but continued to operate at the lower end of the value spectrum, highlighting the significant variations in quality and pricing that exist across producing regions.
At the opposite end of the market, Namibia and Lesotho continued to command some of the highest average prices per carat globally, reflecting the premium nature of their production despite softer year-on-year performance.
Although India does not produce rough diamonds domestically, it continued to play a central role in the global supply chain through imports for manufacturing and processing. The country remained the world's largest rough diamond importing destination by value, underlining its strategic importance to the international diamond trade.
The 2025 figures illustrate an industry increasingly shaped by value rather than volume, with pricing strength and product mix proving just as important as production scale in determining market performance.
