# Diamonds: Stocks

Decades of reserves; inventory is what really matters

Source page: https://www.materialinsights.org/commodities/diamond/stocks/

What this tab covers How much is left and how much is held. For minerals and energy: reserves, current output, years of supply and recycling for the top five countries. For farm commodities: production, ending stocks and stocks-to-use for the top five producers (USDA, October 2026). It also covers inventories and stockpiles.

#### Top five countries: reserves, output and years of supply

| Country | Reserves thousand carats (gem-quality natural diamond) | Current output thousand carats (gem-quality mine production, 2025e) | Years of supply | Recycling |
|---|---|---|---|---|
| **Russia** | 750,000 | 21,000 | 36 | n/a |
| **Angola** | 150,000 | 13,000 | 12 | n/a |
| **Botswana** | 250,000 | 13,000 | 19 | n/a |
| **Canada** | 110,000 | 13,000 | 8 | n/a |
| **Namibia** | – | 2,300 | – | n/a |

 USGS MCS 2026, Gemstones (world gem-quality natural diamond mine production and reserves table). Years of supply = reserves ÷ current output; reserves grow as prices and technology change, so this is not a countdown.

#### Recycling

Gems are recycled as estate jewellery or recut, but no country or world rate is published (USGS 2026). For industrial diamond, the US recycled about 15 Mct of bort, grit and powder (value $540,000) and 75,000 carats of stone in 2025, mainly from used drill bits and tools (USGS). Namibia's reserves are not estimated. World gem reserves exceed 2 billion carats; South Africa (87 Mct) and the DRC (150 Mct) also hold large reserves.

USGS puts reserves of gem-quality natural diamond at more than 2 billion carats, at least 29 years of 2025 output, led by Russia with 750 million carats. Industrial reserves are listed at 1.7 billion carats. The stock that matters most is commercial inventory. Since early 2023 weak jewellery sales have left a build-up of polished and rough stones in the cutting and trading midstream, forcing miners to cut sales and prices. Gems are recycled informally as estate jewellery and recut stones, which USGS does not measure. Industrial grit is recovered from used drill bits and tools.

#### Reserves
 World reserves 2,000,000 thousand carats, gem-quality (USGS: >2,000,000) Reserve life 29 years at 2025 production Russia 38% Botswana 13% Angola 8% DR Congo 8% Canada 6% Largest reserve holders, share of world reserves (USGS MCS 2026). Reserves are what is economic to extract today, not what exists.

Gemstones are often recycled as estate jewellery, reset or recut, but USGS does not account for these resales.

## Other sections

- [Summary](https://www.materialinsights.org/commodities/diamond/index.md)
- [Overview](https://www.materialinsights.org/commodities/diamond/overview/index.md)
- [Correlation](https://www.materialinsights.org/commodities/diamond/correlation/index.md)
- [Extraction](https://www.materialinsights.org/commodities/diamond/extraction/index.md)
- [Production](https://www.materialinsights.org/commodities/diamond/production/index.md)
- [Cycles](https://www.materialinsights.org/commodities/diamond/cycles/index.md)
- [Trading](https://www.materialinsights.org/commodities/diamond/trading/index.md)
- [Movement](https://www.materialinsights.org/commodities/diamond/movement/index.md)
- [Criticality](https://www.materialinsights.org/commodities/diamond/criticality/index.md)
- [Characteristics](https://www.materialinsights.org/commodities/diamond/characteristics/index.md)
- [Emissions](https://www.materialinsights.org/commodities/diamond/emissions/index.md)
- [Relationships](https://www.materialinsights.org/commodities/diamond/links/index.md)