In an official note accompanying the pausing of the Venetia mine, De Beers acknowledged the challenging conditions in trading rough diamonds. Photo: Courtesy of De BeersDe Beers Group accounts for about 30% of global diamond output and is considered the industry’s bellwether. Sanctions on Russia-owned diamond miner Alrosa, which also accounts for about 30% of the market, have rocked the prices of rough diamonds. According to the figures provided by the Kimberley Process (the global certification scheme for mined diamonds), global diamond production has contracted by a fifth, down from approximately 125 million carats in 2014 to about 99 million in 2025. “The lab-grown diamond threat is very serious,” says Bernstein luxury goods analyst Luca Solca.