Data amassed by the Kimberley Process revealed that over $14 billion worth of diamonds were produced across the world in 2011, a 26% increase over 2010, Rough and Polished reported. However, this increase in dollar value was largely due to an increase in the cost of production for the diamond industry, which rose by 31% to over $116 per carat. In fact, global production actually fell slightly in 2011 to just under 124 million carats, a 3% decrease.
Russia held the top spot on a list of diamond-producing countries, churning out almost 35 million carats for $2.67 billion. The average cost of a carat in Russia in 2011 was $76, 11% more than in 2010. Botswana, however, made the most money on diamond sales in 2011 with $3.9 billion from 22.9 million carats, for an average per-carat cost of $170, 45% higher than in 2010.
Canada, South Africa and Angola round out the top five on the list of diamond-producing countries, followed by the Democratic Republic of Congo, Zimbabwe and Australia, according to Rough and Polished.