Marsad Al Dahab has revealed, in an analytical review of the latest data released by the Kimberley Process (KP)—the international certification scheme that monitors the production and trade of rough diamonds—that Russia retained its position as the world's leading rough diamond producer by production value in 2025, despite Western sanctions on its exports and weaker global demand.
The data also highlighted notable shifts across the global diamond industry, including Angola's continued rise, Botswana's gains from higher-value stones, and the declining performance of several traditional producers.
According to Marsad Al Dahab, the total value of global rough diamond production declined by approximately 3% in 2025 to $9.23 billion, while global output fell 8% to 98.8 million carats. The downturn coincided with an 8% decline in global imports and a 7% drop in exports, reflecting persistent pressure on the natural diamond market amid sluggish consumer demand, elevated inventories, and increasing competition from laboratory-grown diamonds.
Russia remained the world's largest producer by value, mining 31.5 million carats worth $2.724 billion, with an average value of $86 per carat.
Although Russia retained the top position for the third consecutive year, the value of its production declined by 18% year-on-year, while output fell 16%, after Alrosa reduced production at several mines in response to weaker global demand.
Botswana ranked second, producing diamonds valued at $1.978 billion from 15.5 million carats—less than half of Russia's output by volume. However, the country's average value per carat surged to $128, up 71% from the previous year, lifting total production value by 46% despite a 14% decline in output following operational interruptions at the Jwaneng and Orapa mines.
Angola ranked third globally, with production valued at $1.812 billion, supported by output of 15.2 million carats and an average price of $119 per carat. The country recorded a 28% increase in production value, reinforcing its position among the world's leading diamond producers.
Canada placed fourth with production valued at $893 million from 14.1 million carats. While output increased by 6%, the average value per carat fell to $63, resulting in a 17% decline in production value.
Namibia ranked fifth, producing diamonds worth $721 million, while recording the world's highest average value at $344 per carat—a reflection of the exceptional quality of its stones despite a 25% decline in production value compared with 2024.
Other major producers included South Africa, with production valued at $599 million, followed by Lesotho at $230 million, which recorded the world's second-highest average value at $331 per carat. Zimbabwe produced $102 million, Tanzania $53 million, while the Democratic Republic of the Congo ranked tenth with production worth $45 million.
Despite producing 8.9 million carats, the Democratic Republic of the Congo recorded the lowest average value among major producers at just $5 per carat, underscoring the relatively low quality of its output.
Marsad Al Dahab noted that the comparison among producing countries illustrates a significant shift in the competitive dynamics of the global diamond industry. Production volume is no longer the sole measure of market strength; instead, stone quality, production value, and average value per carat have become increasingly important in determining the economic value of output.
The data clearly illustrate this trend. Although Russia produced more than twice Botswana's output by volume, the difference in production value between the two countries was only about $746 million, reflecting Botswana's substantially higher average stone values and highlighting the growing importance of diamond quality in determining market value.
Marsad Al Dahab Analysis
Marsad Al Dahab believes that the 2025 data confirm the diamond industry has entered a new phase in which value creation and stone quality are becoming more important than production volume. This shift is encouraging mining companies to prioritize higher-quality deposits rather than expanding lower-value production.
The data also point to a gradual reshaping of the global diamond production landscape, with Angola continuing its ascent, Botswana maintaining its status as one of the world's leading high-value diamond producers, and Russia and Canada facing continued pressure from weaker market conditions and geopolitical challenges. Meanwhile, Namibia remains the industry leader in value addition, supported by the world's highest average value per carat.
Marsad Al Dahab concludes that the future of the diamond industry will depend not only on the size of reserves or production volumes, but increasingly on producers' ability to supply high-quality diamonds that meet evolving global demand, while adapting to structural market changes, particularly the rapid expansion of laboratory-grown diamonds and shifting consumer preferences across key markets.
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