Diamond industry worldwide
Russia and the Democratic Republic of Congo hold the world’s largest diamond reserves, totaling 650 million carats and 150 million carats, respectively, as of 2017. Based on production volume, Russia and Australia are the world’s largest producers. Russia mined 18 million carats of diamonds in 2017 and Australia produced 14 million carats during that year. The diamond industry is created from one of Africa’s largest natural resources, and the Democratic Republic of Congo is one of the top three global producers. Demand for rough diamonds is increasing worldwide since 2009, and is expected to reach some 26 billion U.S. dollars of value in 2020.
Alrosa and De Beers share approximately half of the world’s diamond production. In 2014, Alrosa comprised of 28 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 begem-quality polished.