In this piece, we will take a look at the ten biggest diamond companies in the world. For more companies, head on over to 5 Biggest Diamond Companies in the World.
Diamonds are among the most precious and rarest minerals on Earth. Their rarity is due to the fact that it takes thousands of years for a piece of coal, once subjected to mind boggling pressures (thought to be 45,000 times the pressure at sea level), to turn into a diamond. They are found both under the land and under the sea, and since they were carried to their destination through molten rock, each diamond in existence today is more than 100 million years old. As if this were not enough, on average, it takes miners to sift a whopping 250 tons of Earth to find a single carat of diamonds.
Mining diamonds from under the sea requires using specialized crawlers to suck up the seabed, which is then searched for diamonds. Therefore, it is clear that the harder the process of extracting a diamond, the higher its price will be. The industry itself is worth hundreds of billions of dollars. Or at least that is what the research firm The Business Research Company would have you believe. According to its estimates, the global diamond market was worth $504 billion in 2021, and by the end of this year, it will have grown by a compounded annual growth rate (CAGR) of 9.5% and sit at $552 billion. From then until 2026, the industry will grow at a much slower 4.6% CAGR and be worth $661 billion by the end of the forecast period. The demand for diamonds is expected to grow due to the rising affluence of India and China, as populations in the growing economic powers see their disposable incomes rise.
Moving towards the diamond mining industry, the global diamond reserves stood at 1.4 billion carats as of January 2021, according to Global Data. While production declined in 2020 due to the coronavirus pandemic, it was expected to grow once again last year and stand at 113 million carats in 2021. Between 2021 and 2025, production is expected to grow at a CAGR of 2% or higher. As is the case with nearly every industry, the diamond mining sector has also started to utilize technology for its operations. A new technology that is currently being used by companies is X-Ray Transmission (XRT) technology. This allows both land and sea miners to determine the quality of their haul, as they beam x-rays on each stone to determine the amount that is absorbed or reflected.
Russia is the world’s largest diamond supplier, as it accounted for one third or 31% of the global diamond production in 2020. Finally, the global market for lab grown diamonds is highly evolving. This particular segment was worth $19.3 billion in 2020, and it will grow at a CAGR of 9.4% until 2030 to sit at $50 billion. Lab grown diamonds have a variety of use cases, especially since diamonds in general are also among the hardest objects on Earth. Some traditional use cases involve cutting and mining, while the relatively newer ones include usage in electronics, optics, and lasers.
As you can likely infer, the diamond industry is blossoming, and today’s piece will look at some of the largest firms in the industry. Out of these, the top players are Public Joint Stock Company ALROSA (MCX:ALRS.ME), Rio Tinto Group (ASX:RIO.AX), and Anglo American plc (LSE:AAL.L).
Image Credit: Pixabay/Public Domain
Our Methodology
We took a look at the diamond industry to sift out the top firms. These were then ranked through their market capitalization.
Biggest Diamond Companies in the World
10. Endiama E.P.
Market Capitalization as of November 20th, 2022: N/A
Endiama E.P. is an Angolian state-owned enterprise that is headquartered in Luanda, Angola. The firm has several projects in production, prospection, and promotion.
Endiama E.P.’s primary mining site is the Catoca diamond mine. The firm owns a share of the property with other diamond companies, and Catoca is the fourth largest diamond mine in the world. Endiama E.P. also has exclusive diamond mining rights in Angola. The mine accounted for 6% of the world’s diamond production in 2012, and its share of the global diamond market stood at 3% in 2021. Endiama E.P. also has other mining sites. Out of these, the Cambange Laurica site has a production capacity of 14,507 carats and the Lunda Norte Lucapa churns out 100,000 carats per year. Endiama E.P. also announced in November 2022 that it had received a tender worth A$20.4 million or A$26,536 per carat for its special seven diamonds weighing 767 carats, which also included a 170 carat Lula Rose diamond.
Along with Rio Tinto Group (ASX:RIO.AX), Public Joint Stock Company ALROSA (MCX:ALRS.ME), and Anglo American plc (LSE:AAL.L), Endiama E.P. is one of the largest diamond companies in the world.
9. Tsodilo Resources Limited (TSKV:TSD.V)
Market Capitalization as of November 20th, 2022: $10.6 million (1 CAD = 0.74 USD)
Tsodilo Resources Limited (TSKV:TSD.V) is a Canadian company that explores diamonds, copper, iron, and other precious metals. The firm focuses its operations in Botswana, and it is headquartered in Toronto, Canada.
Tsodilo Resources Limited (TSKV:TSD.V)’s primary mining site is the BK16 kimberlite pipe in Botswana. The area covers roughly 2,500 square kilometers. The firm operates at the site through a local subsidiary, and it received its prospecting license in October 2014. The value of its BK16 diamonds is estimated to range between $281 per carat to $792 per carat, and a 150 ton sample from the site revealed that it had contained 509 stones for 78.4 carats. Tsodilo Resources Limited (TSKV:TSD.V) also estimates that the diamonds from the site can be worth more than six times the global average diamond prices, listing them among the most highly valued stones in the world.
Tsodilo Resources Limited (TSKV:TSD.V) has a $10.6 million market capitalization.
8. Diamcor Mining Inc. (TSXV:DMI.V)
Market Capitalization as of November 20th, 2022: $17.8 million (1 CAD = 0.74 USD)
Diamcor Mining Inc. (TSXV:DMI.V) is a Canadian company that mines diamonds. It also develops diamond mining properties, and its operations are located in South Africa. The firm is headquartered in Kelowna, Canada.
Diamcor Mining Inc. (TSXV:DMI.V)’s second fiscal quarter saw the firm generate $2 million in revenue, representing a strong growth of $1.5 million over the preceding quarter. The firm sold 3,776 carats of diamonds during the three months ending in September 2022. These enabled Diamcor Mining Inc. (TSXV:DMI.V) to post $1 million in net income for the quarter, a sharp reversal over the prior quarter’s $918,953 loss. The company’s Krone-Endora mines in South Africa are estimated to have 1.4 million carats of diamonds, for a total estimated value of $320 million at $237 per carat.
Diamcor Mining Inc. (TSXV:DMI.V) has a $17.9 million market capitalization.
7. Lucapa Diamond Company Limited (ASX:LOM.AX)
Market Capitalization as of November 20th, 2022: $48 million (1 AUD = 0.66 USD)
Lucapa Diamond Company Limited (ASX:LOM.AX) is an Australian company that develops and operates diamond mining properties all over the globe. The firm has its operations located in Angola, Botswana, Lesotho, and Australia. It is headquartered in Subiaco, Australia.
Lucapa Diamond Company Limited (ASX:LOM.AX) has three main diamond mining projects. The firm kicked off diamond mining in its Lucapa Alluivian diamond mine in 2014, in partnership with Endiama. The Lucapa Lulo project is one of the most valuable diamond projects in the world, and it has churned out $200 million since operations began, for a whopping $1,780 per carat. It is known for its large diamonds that often weigh more than 10.8 carats. Lucapa Diamond Company Limited (ASX:LOM.AX) also has a kimberlite mining project in Lesotho and early stage projects in Australia and Botswana.
As of November 20th, 2022, Lucapa Diamond Company Limited (ASX:LOM.AX) was worth $48 million on the stock market.
6. Gem Diamonds Limited (LSE:GEMD.L)
Market Capitalization as of November 20th, 2022: $52.6 million (1 GBP = 0.66 USD
Gem Diamonds Limited (LSE:GEMD.L) is a British company headquartered in London. The firm operates in the U.K., Belgium, South Africa, the Virgin Islands, Cyprus, and Lesotho.
Gem Diamonds Limited (LSE:GEMD.L) is known for its streak of having found some of the largest diamonds in human history. Up until 2018, the firm had discovered seven diamonds larger than 100 carats, and its biggest discovery to date is a massive 910 carat diamond that it revealed in 2018 and sold for a whopping $40 million. As if this were not enough, Gem Diamonds Limited (LSE:GEMD.L) has sold a rare blue diamond for an unbelievable $603,047 per carat and a pink diamond for $656,934 per carat. Its 910 carat diamond is called the “Lesotho Legend” since it was discovered at the Letseng Mine in Lesotho. This mine has also produced other remarkable gems, such as the 603 carat “Lesotho Promise” and the 493 carat “Letseng Legacy”.
Gem Diamonds Limited (LSE:GEMD.L) raked in $100 million in revenue for the first half of this year, alongside $24 million cash in hand and $21 million in operating income. It recovered 55,157 carats during the first half and kept up the pace of recovering large diamonds as well by discovering three that were larger than 100 carats. The firm’s latest market capitalization is $52.6 million.
Public Joint Stock Company ALROSA (MCX:ALRS.ME), Rio Tinto Group (ASX:RIO.AX), and Anglo American plc (LSE:AAL.L) are met by Gem Diamonds Limited (LSE:GEMD.L) in our list of the world’s biggest diamond companies.
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Disclosure: None. 10 Biggest Diamond Companies in the World is originally published on Insider Monkey.