In 2022, the global diamond industry glittered with a production of 121 million carats, yet it faces seismic shifts from the rise of lab-grown gems and evolving consumer ethics that are reshaping its very bedrock.
Key Takeaways
- Global rough diamond production reached 121 million carats in 2022
- Russia accounted for 29% of global diamond production by value in 2022
- Botswana produced 24.8 million carats of rough diamonds in 2022
- Global natural diamond market value: $80 billion at retail in 2022
- Polished diamond market revenue: $24 billion in 2022
- Rough diamond sales value: $16 billion in 2022
- Belgium exported $12.4 billion in diamonds in 2022
- India imported $27 billion rough diamonds in 2022
- Hong Kong diamond exports: $20 billion in 2022
- US bridal diamond sales: 40% of total jewelry
- Average engagement ring diamond size: 1 carat in US 2022
- Millennial diamond purchases: 25% prefer lab-grown
- 78% of diamonds conflict-free per KP
- Lab-grown diamonds reduce environmental impact by 90%
- Carbon footprint of mined diamond: 160 kg CO2 per carat
Botswana and Russia lead the world's major diamond producing nations.
Consumer Behavior and Sales
- US bridal diamond sales: 40% of total jewelry
- Average engagement ring diamond size: 1 carat in US 2022
- Millennial diamond purchases: 25% prefer lab-grown
- Global engagement ring market: $10 billion in 2022
- China consumer demand for diamonds: 15% growth pre-2022
- US women purchasing own diamonds: 20% in 2022
- Lab-grown diamonds retail sales growth: 38% in 2022
- Average spend on diamond jewelry: $2,500 in US
- India domestic diamond jewelry sales: $5 billion in 2022
- Online diamond sales share: 15% globally in 2022
- Gen Z interest in diamonds: 60% for self-purchase
- Fancy color diamonds demand up 10% in 2022
- Sustainable diamond preference: 70% consumers 2022 survey
- US diamond jewelry CAGR 2017-2022: 2%
- China loose diamond imports for consumers: 20% rise
- Wedding band diamond sales: 30% of total
- E-commerce diamond platforms growth: 25% in 2022
- Natural vs lab preference: 55-45 split US millennials
- Global bridal market share of diamonds: 50%
- Men's diamond jewelry sales up 15%
Consumer Behavior and Sales Interpretation
While the diamond industry's heart still beats to the tune of a $10 billion bridal market, its soul is being remixed by a generation that’s just as likely to buy a lab-grown sparkler for themselves as they are to accept a traditional one-carat proposal, proving that even the oldest rules of love and luxury are being rewritten.
Global Trade and Exports
- Belgium exported $12.4 billion in diamonds in 2022
- India imported $27 billion rough diamonds in 2022
- Hong Kong diamond exports: $20 billion in 2022
- UAE diamond trade hub value: $35 billion in 2022
- Israel polished diamond exports: $11 billion in 2022
- US diamond imports: $25 billion in 2022
- China imported 6.5 million carats rough diamonds in 2022
- Antwerp handled 80 million carats in 2022
- Kimberley Process certified 99% of rough diamonds in 2022
- Botswana exports 25 million carats annually average
- Russia diamond exports value: $4.2 billion in 2022
- Global polished diamond exports: 120 million carats in 2022
- India re-exports 70% of imported rough
- Dubai Multi Commodities Centre diamond trade: $28 billion in 2022
- South Africa diamond exports: $1.2 billion in 2022
- Canada Gahcho Kué exports part of 14M ct production
- Global rough diamond trade volume: 115 million carats in 2022
- EU diamond imports from India: $10 billion in 2022
- Singapore diamond trade growth: 15% in 2022
- Total KP export value: $12 billion in 2022
Global Trade and Exports Interpretation
The global diamond trade resembles a high-stakes, meticulously certified game of pass-the-parcel, where a single stone’s journey from mine to finger sees it logged through a half-dozen hubs, with everyone taking a cut but insisting they merely polished it.
Market Size and Revenue
- Global natural diamond market value: $80 billion at retail in 2022
- Polished diamond market revenue: $24 billion in 2022
- Rough diamond sales value: $16 billion in 2022
- US diamond jewelry market: $30 billion in 2022
- China diamond imports value: $10 billion in 2022
- Average retail price per carat for diamonds: $3,000 in 2022
- Diamond industry midstream revenue: $28 billion in 2022
- Lab-grown diamond market size: $25 billion retail in 2022
- Global diamond jewelry market: $82 billion in 2022
- India diamond exports: $24 billion in FY2022
- Antwerp diamond trade turnover: €25 billion in 2022
- De Beers sight holder sales: $4.5 billion in 2022
- Rough diamond price index fell 25% in 2022
- Natural diamond demand growth: -2% in 2022
- Total diamond supply value: $18 billion in 2022
- Jewelry fabrication for diamonds: 1.1 billion carats in 2022
- High-end diamond sales >$50k: 20% decline in 2022
- Global rough diamond demand: 115 million carats in 2022
- Diamond market contraction: 18% by value in 2022
- US share of global diamond sales: 50% in 2022
- Forecast market value 2025: $100 billion retail
- Lab-grown share of market: 10% in 2022
- Global diamond trade value: $50 billion polished in 2022
Market Size and Revenue Interpretation
The diamond industry is a masterclass in smoke and mirrors, where $16 billion in rough stones is transformed through alchemy and anxiety into an $80 billion retail fantasy, only to be upstaged by its own $25 billion lab-grown reflection while nervously eyeing a forecasted recovery.
Mining and Production
- Global rough diamond production reached 121 million carats in 2022
- Russia accounted for 29% of global diamond production by value in 2022
- Botswana produced 24.8 million carats of rough diamonds in 2022
- The average price of rough diamonds was $140 per carat in 2022
- Debswana (Botswana) mined 23.6 million carats in 2022
- Canada produced 14.7 million carats of diamonds in 2022
- South Africa's diamond production was 7.7 million carats in 2022
- Angola's output reached 8.3 million carats in 2022
- Namibia produced 2.0 million carats in 2022
- Zimbabwe's diamond production hit 4.5 million carats in 2022
- Global diamond mining revenue was $17.2 billion in 2022
- ALROSA produced 32.5 million carats in 2022
- Rio Tinto's Argyle mine closed in 2020 after producing 800 million carats historically
- Number of active diamond mines worldwide: 50 in 2022
- Rough diamond production forecast for 2023: 116 million carats
- Global polished diamond production value: $26 billion in 2022
- India polishes 90% of the world's diamonds
- Average minehead value per carat: $95 in 2022
- Lesotho's Letšeng mine produced 440,000 carats in 2022
- Global diamond reserves: 1.2 billion carats as of 2022
- Australia's diamond production: 12 million carats in 2022
- DRC produced 5.2 million carats in 2022
- Diamond production cost per carat: $50-100 for large producers
- Number of carats mined per year average 2018-2022: 115 million
- Dominance of top 5 producers: 70% of global supply
Mining and Production Interpretation
While Russia claims the crown by value and Botswana by carats, the true power of this $17 billion glitter lies in India's hands, where nine out of ten of these stones get their polish and their final wink to the world.
Sustainability and Ethics
- 78% of diamonds conflict-free per KP
- Lab-grown diamonds reduce environmental impact by 90%
- Carbon footprint of mined diamond: 160 kg CO2 per carat
- Kimberley Process participants: 83 countries
- Blood diamonds share: <1% of market in 2022
- Water usage in diamond mining: 1,000 liters per carat average
- De Beers Forevermark ethical sourcing: 100% traced
- Artisanal mining share: 20% of production
- Recycling rate of diamond jewelry: 30%
- Energy use in lab-grown: 250 kWh per carat vs 500 for mined
- Mine closures for ethics: 5 major in Africa 2022
- Blockchain tracing adoption: 10% of trade 2022
- Child labor in ASM diamonds: 10% estimated
- Natural Diamond Council sustainability initiatives: 40 members
- Lab-grown market ethical appeal: 80% consumers cite
- Russian diamonds sanctioned share: 30% production
- Rehabilitation of mines: 70% in Botswana
- Human rights violations reports: 15% decrease since KP
- Lab-grown diamonds water use: near zero
- Ethical certification schemes: 5 major in 2022
- Biodiversity impact of mining: 1% land disturbed
Sustainability and Ethics Interpretation
Even with the Kimberley Process polishing 78% of diamonds conflict-free and De Beers tracing 100%, the industry's sparkling ethical front is still somewhat clouded by the murky reality that 20% of gems come from risky artisanal mines and only 30% of jewelry ever gets recycled.
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