We know that prices of smaller polished diamond goods, 0.30-0.99 carats, have been rising lately in response to improved demand. The rough diamonds that yield them weigh 0.60-2 carats. We also know that the increase in demand is mainly for rounds, at the expense of other shaped diamonds. Further, the demand is coming mostly from the US consumer market, which is mainly interested in HIJ color, SI-I clarity goods.
In the last two decades, much has been said about an impending demand vs. supply imbalance in the diamond industry. Huge mines discovered over the past 40 years are nearly mined out, some argue, and no significant new discoveries have been made to replace them. But over the past few years, diamond production has remained fairly consistent, at around 130 million carats per year. The most recent large mine discoveries have been in Canada, with the Gahcho Kue mine being the largest. This mine is set to produce around 5 million carats per year. But how does this compare to other big diamond mines in the world? Let’s find out by looking at the top 10 largest diamond mines ever discovered, in terms of measurable reserves according to JORC standards.