Anschar Diamonds Blog

Russia and Botswana once again led the world in rough diamond production in 2024, according to newly released statistics from the Kimberley Process Certification Scheme. But while Russia retained the top spot in both volume and value — despite international sanctions — Namibia stole the spotlight for quality, with the highest average value per carat among major producers.



Russia: Still on Top Despite Headwinds
Russia accounted for 32% of global rough diamond production by volume (37.3 million carats) and 29% by value ($3.335 billion). Though its carat production remained level with 2023, value slipped slightly from $3.61 billion, reflecting a drop in average price per carat from $97 to $89.

Botswana: Impressive Runner-Up
Botswana increased its carat output from 25.1 million in 2023 to 28.2 million in 2024, but its dollar value barely budged ($3.31 billion vs. $3.28 billion), due to its average price per carat declining from $131 to $117. Still, Botswana’s reputation for gem-quality diamonds remains intact, keeping it a close second in both volume and value.

Namibia and Lesotho: Small Producers, Big Prices
Namibia produced just 2.3 million carats — ranking #8 by volume — but topped the global list in quality, with an average value of $417 per carat. Though lower than its 2022 peak of $601, the figure reflects the ongoing strength of Namibia’s offshore mining sector. Lesotho followed closely with $333 per carat. With fewer than 700,000 carats mined, the country still earned $232 million — good for #7 in value rankings.

Angola and Canada: Solid Mid-Tier Players
Angola remained #3 in value ($1.412 billion) on the strength of its high-grade rough, as volume stood at 14 million carats. At $101 per carat, Angola’s rough output continues to trend toward higher-quality goods. Canada ranked #4 by volume (13.3 million carats) and #4 in value ($1.075 billion), although its average price per carat dropped to $81 from $111 in 2022.

South Africa and Sierra Leone: Heritage and Promise
South Africa, once the epicenter of the global diamond industry, ranked #6 in volume (5.3 million carats) and #6 in value ($662 million). Its diamonds fetched a respectable $124 per carat — above average and consistent with its long-standing reputation for producing large, high-quality stones. Though its output has declined from historic highs, South Africa remains a steady contributor of gem-grade material.

Sierra Leone, meanwhile, barely made the Top 10 in both volume (573,983 carats) and value ($103 million). However, its $180-per-carat average ranks third globally — behind only Namibia and Lesotho. This speaks to the enduring value of its artisanal and small-scale mining operations, which occasionally yield extraordinary finds.

Zimbabwe and the DRC: High Volume, Low Value
Zimbabwe produced 5.3 million carats, valued at $163 million, for an average of just $31 per carat. The Democratic Republic of Congo (DRC) followed a similar pattern with 9.8 million carats but only $106 million in value — a mere $11 per carat — indicating a continued focus on industrial-grade stones.

Total global rough output in 2024 was 118 million carats, up 6% from 2023. However, overall value fell 10% year-over-year to $11.48 billion. Only 10 countries accounted for over 99% of all diamond production, a testament to the industry’s geographic concentration.

While Russia and Botswana dominate the conversation, the 2024 data underscores how value and quality can shift the narrative, as seen with the high per-carat performances of Namibia and Lesotho.

Credit: Image of rough diamonds mined in Russia, courtesy of Alrosa.

In celebration of July’s birthstone, we look back at one of the most iconic ruby jewels ever to hit the auction block: Hollywood icon Elizabeth Taylor’s "perfect" 8.24-carat gem that actor Richard Burton gave her as a Christmas gift in 1968.



Burton, who famously showered Taylor with extraordinary jewels, promised early in their relationship to find her a very special ruby with perfect red color.

“But it has to be perfect,” he warned.



Four years later, he delivered on that promise with a Van Cleef & Arpels masterpiece nestled in a box at the bottom of her Christmas stocking.

Taylor recalled nearly overlooking the teeny package, only to be reminded by her daughter Liza that something special was still waiting to be unwrapped. When she opened the box, she found a rich Burmese ruby surrounded by diamonds.

“It was the most perfect colored stone I’d ever seen,” Taylor later said.

Auction bidders clearly shared her sentiment. When Taylor’s legendary jewelry collection was sold by Christie’s after her passing in 2011, the ruby ring fetched $4.2 million — more than quadrupling its high estimate. It also set a world record at the time for highest price-per-carat ever paid for a ruby: $512,925.

(The current world record for the most expensive ruby per carat is held by the "Estrela de Fura," a 55.22-carat Mozambique ruby that sold for $34.8 million at the Sotheby's "Magnificent Jewels" auction in New York on June 8, 2023. This price paid translated to $630,288 per carat.)



Another ruby treasure in Taylor's collection — a Cartier necklace featuring seven oval and cushion-cut rubies with diamond accents — also stunned auction watchers in 2011. Initially estimated at $300,000, the necklace soared to a final price of $3.8 million.

Taylor’s entire collection of 80 iconic pieces netted $115.9 million, setting multiple records at the time, including highest price ever paid for a pearl jewel ($11.8 million), highest price paid per carat for a colorless diamond ($8.8 million), highest price ever paid for an Indian jewel ($8.8 million), highest price paid for an emerald jewel ($6.6 million), and the highest price paid for natural pearl earrings ($1.9 million).

For those born in July, the ruby remains a symbol of passion, love and vitality — qualities Taylor embodied both on screen and in life. Her ruby ring continues to stand as a dazzling reminder of love’s promise… and of the enduring power of a truly perfect gemstone.

Credits: Jewelry images courtesy of Christie's. Elizabeth Taylor promotional headshot by Unknown authorUnknown author Metro-Goldwyn-Mayer studio publicity photographer, Public domain, via Wikimedia Commons. Richard Burton and Elizabeth Taylor from the film Cleopatra by Trailer screenshot, Public domain, via Wikimedia Commons.

Amid a broader slowdown in US luxury spending, fine jewelry has emerged as a glimmering standout, according to a new report from Citigroup. Based on credit card transaction data from more than 10 million US cardholders, Citi found that while spending on luxury goods overall fell in the first five months of 2025 compared to the same period in 2024, luxury jewelry sales have continued to rise.



In May alone, luxury jewelry spending surged 10.1% year over year, continuing a monthly growth trend that began in September 2024. In contrast, categories such as handbags and apparel saw declines, weighed down by rising prices and waning consumer enthusiasm.

Citi analyst Thomas Chauvet told CNBC that the durability of jewelry sales likely reflects a shift in consumer values.

“When you have $3,000 to spend on luxury, are you going to buy a piece of jewelry or a handbag for the same price?” he asked. “Perhaps the piece of jewelry gives you superior intrinsic value given the precious metals content and superior emotional value and meaning.”

While luxury handbag brands have raised prices by as much as 30% to 40% since the pandemic — often without delivering clear improvements — jewelry appears to offer both financial and sentimental rewards. Chauvet noted that gold prices have risen more than 25% in 2025, yet many jewelers have kept price increases modest. That combination is making jewelry look like a smarter investment.

Jewelry was also the only luxury category in May to see an increase not just in average spend per customer but also in the number of customers overall. Even within the high-end segment — where a 2.7% drop in customer count was recorded — those who remained spent 11.7% more on average.

Looking ahead, Chauvet cautioned that economic uncertainties remain—from a weakening US dollar to geopolitical tensions and the possible expiration of a 90-day pause on new tariffs.

Still, the data suggests that in uncertain times, consumers are gravitating toward purchases with lasting value — both emotional and financial. And jewelry fits the bill.

Credit: Photo by BigStockPhoto.com.