Home Business News Only three countries control over 80% of global diamond reserves

Only three countries control over 80% of global diamond reserves

by LLB Reporter
14th May 20 5:52 am

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

The demand for diamonds is set to grow

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

In terms of diamond production, at the end of 2019, Russia produced an estimated 19m diamond carats in mining. Australia had 13m carats followed by Congo at 12m carats. Botswana, Zimbabwe, and South Africa produced six, three, and 2m carats respectively. Other countries produced 1m diamond carats.

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