As of 2022, Russia's natural diamond reserves were estimated at approximately 600 million carats. Thus, the Russian diamond reserves are the largest 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
Russia and the Botswana hold the world’s largest diamond reserves, totaling 600 million carats and 300 million carats, respectively, as of 2022. Based on production volume, Russia and the Democratic Republic of Congo are the world’s largest producers. Russia mined 17 million carats of diamonds in 2022 and the Democratic Republic of Congo produced 11 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 share approximately half of the world’s diamond production. In 2018, Alrosa comprised 26 percent of the world’s production and De Beers totaled 25 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.
