Russia mines the most diamonds by volume, producing over 40 million carats a year, followed by Botswana, Canada, the Democratic Republic of the Congo, Australia, and South Africa. By value, however, Botswana frequently leads because its stones command far higher prices per carat.
Introduction
Diamonds are among the most concentrated stores of wealth on Earth, and a handful of countries dominate their supply. But ranking diamond producers is trickier than it looks, because there are two ways to keep score. You can measure volume, the raw number of carats dug out of the ground, or you can measure value, the total dollar worth of those stones.
These two measures tell different stories. A country can mine enormous quantities of small, industrial-grade or low-quality diamonds and still earn less than a nation that produces fewer but larger, gem-quality stones. That is exactly why the volume leader and the value leader are not the same country.
Top Diamond Producers by Volume
- Russia: The world's largest producer by carat weight, mining over 40 million carats annually, mostly through the state-linked company Alrosa from vast mines in the Sakha Republic (Yakutia) in Siberia.
- Botswana: The second-largest by volume, producing in the low tens of millions of carats, with the Jwaneng and Orapa mines among the richest on the planet.
- Canada: A major northern producer, with remote mines like Diavik and Ekati in the Northwest Territories yielding high-quality gem diamonds.
- Democratic Republic of the Congo: Historically a huge producer by volume, though much of its output is smaller industrial-grade stones rather than gem-quality diamonds.
- Australia: Long famous for the Argyle mine, source of rare pink diamonds; output has fallen sharply since Argyle closed in 2020.
- South Africa: The country where the modern diamond industry began in the 1860s, still a notable producer through mines like Venetia.
Russia's dominance in volume is enormous, and it typically accounts for close to a third of the world's rough diamond supply by weight.
Top Diamond Producers by Value
Where the money is
- Botswana: Often the world leader by value, because its diamonds are unusually large and high in quality, fetching premium prices per carat.
- Russia: Very high in total value too, given its sheer volume, but its average price per carat is generally lower than Botswana's.
- Canada: Punches above its volume in value thanks to consistently clean, gem-grade stones.
- South Africa: Produces relatively fewer carats but includes many high-value gem diamonds, including some historic large stones.
The takeaway is simple: Russia wins the carat count, but Botswana wins the price war. Diamonds have transformed Botswana from one of the poorest countries at independence in 1966 into one of Africa's more prosperous nations, largely through careful management of its diamond wealth.
How the Industry Works
Most of the world's rough diamonds are sorted, cut, and polished far from where they are mined. India, particularly the city of Surat, cuts and polishes the overwhelming majority of the world's diamonds, while trading hubs like Antwerp in Belgium and Dubai handle much of the global trade. The Kimberley Process, launched in 2003, aims to keep so-called conflict diamonds out of the legitimate market.
Lab-grown diamonds have also become a major force, offering chemically identical stones at lower prices and reshaping demand for natural mined diamonds.
Frequently Asked Questions
Which country mines the most diamonds?
Russia mines the most diamonds by volume, producing over 40 million carats a year, primarily through Alrosa in the Siberian region of Yakutia. It accounts for roughly a third of global rough diamond supply by weight.
Which country has the most valuable diamonds?
Botswana frequently leads the world in diamond value, even though it mines fewer carats than Russia. Its stones are larger and of higher quality on average, so they command far higher prices per carat.
Where are diamonds cut and polished?
India dominates diamond cutting and polishing, with the city of Surat processing the vast majority of the world's stones. Trading centres such as Antwerp and Dubai then distribute finished diamonds worldwide.