Countries Richest in Precious Stones

Precious stones are rare gemstones that are sought after for their beauty, brilliance and durability. The best known include diamond, known for its exceptional hardness and brilliance, ruby, prized for its deep red, sapphire, valued for its shades of blue, and emerald, famous for its vibrant green. Other stones such as amethyst, topaz and aquamarine are also popular in jewellery for their vibrant colours and symbolic properties.

Top Diamond Producers in Africa

Angola, Botswana, the Democratic Republic of Congo (DRC), Namibia and South Africa dominate the diamond production market in Africa. Together, these countries account for about 70% of global production. Botswana, with its high-quality mines, and Angola, which is booming, play key roles. The resource-rich DRC and Namibia, which specializes in marine diamonds, also contribute to this dominance, making Africa a major player in the diamond industry.

Gemstone Market Size.

The rapidly expanding global gemstone market is valued at €29.17 billion in 2023 and is forecast to reach €42.77 billion by 2031, growing at a compound annual growth rate (CAGR) of 4.90% over the period 2024 to 2031. This growth is supported by the growing demand for gemstones in the luxury and investment sectors. The market covers a wide geographical area, with key players spread across Africa, Russia, and North America.

Global Diamond Production in 2020

In 2020, approximately 142 million carats of diamonds were mined worldwide. Russia leads the production with 23 million carats produced that year, followed closely by Botswana with 16 million carats. Although diamonds are often perceived as a rare and exclusive gemstone, it is interesting to note that 80% of the diamonds mined are for industrial uses. These industrial diamonds do not need to be as large or of as high quality as those used in jewellery.

Reserves and future potential.

Russia has the world’s largest diamond reserves, estimated at 650 million carats, mainly concentrated in the Udachnaya and Mir mines in the Sakha Republic. Botswana, although a smaller country, has reserves of 310 million carats and is distinguished by the superior quality of its diamonds. The Jwaneng mine, for example, produces between 12 and 15 million carats per year and is considered the most valuable mine in the world in terms of value. These reserves guarantee continued production for years to come.

Africa and Russia remain the most important pillars of the diamond industry, but this dominance raises a question: how can these countries balance mining and sustainable development to ensure a prosperous future for their populations?