Countries with the largest diamond reserves worldwide 2023

As of 2023, Russia's natural industrial diamond reserves were estimated at approximately 860 million carats. Thus, the Russia had the largest industrial diamond reserves worldwide. Almost half of the world’s mined diamonds are used for industrial purposes as rough diamonds. Industrial diamonds can be used in cutting, drilling, grinding, and polishing.

Diamond industry worldwide

Following Russia, Botswana held the world’s second-largest diamond reserves, totaling 280 million carats as of 2023. Based on production volume, Russia and the Democratic Republic of Congo are the world’s largest diamond producers. Russia mined 18 million carats of industrial diamonds in 2023 and the Democratic Republic of Congo produced eight million carats during that year. Demand for rough diamonds is increasing worldwide, and is expected to reach some 292 million carats by 2050.

Diamond companies and the breakdown between industrial and gem-quality diamonds

Alrosa and De Beers' diamond production volume combined accounted for approximately half of the world’s diamond production in 2022. That year, Alrosa comprised 30 percent of the world’s production and De Beers totaled 29 percent. Almost half of the world’s mined diamonds are used for industrial purposes as rough diamonds. Industrial diamonds can be used in cutting, drilling, grinding, and polishing. Its value is apparent in the industrial sector due to its hardness, heat conductive material, and resistance to many acids and alkalis. Only about 20 percent of all diamonds are considered to be gem-quality polished.