Markets
Breaking Down the US Dollar’s Recent Bull Run
Breaking Down the US Dollar’s Recent Bull Run
Over the last year, the US Dollar has had an incredible surge in value of 11%. It appreciated against all main currencies in the world in 2014.
Meanwhile, gold also actually increased in value when valued against the vast majority of world currencies but the dollar was the only currency that it could not conquer.
What is behind this surge in value for the dollar?
In our opinion, it is a very easy explanation: as investors abandon all other options, they continue to look for safe havens. With central banks such as the Swiss National Bank and the Bank of Canada making surprising interest rate or pegging decisions, everyone is looking for safety and predictability. The ECB and Bank of Japan are piling onto the problem by fighting deflation with massive quantitative easing programs.
These are also the reasons why gold has also seen a recent bounce back as well.
The question is: how long can the USD remain the safe haven of choice? With moderate economic growth still happening, investors still seem to have confidence in the United States. However, if that at all falters and economic growth slows, there will be nowhere to hide. Remember that it only takes one event to cause a ripple effect and the US Dollar bull run could be over.
To quote Mr. Warren Buffett: “Only when the tide goes out do you discover who’s been swimming naked.”
Original graphic from: Gainesville Coins
Markets
Ranked: The World’s Top Diamond Mining Countries, by Carats and Value
Who are the leaders in rough diamond production and how much is their diamond output worth?

Ranked: World Diamond Mining By Country, Carat, and Value
Only 22 countries in the world engage in rough diamond production—also known as uncut, raw or natural diamonds—mining for them from deposits within their territories.
This chart, by Sam Parker illustrates the leaders in rough diamond production by weight and value. It uses data from Kimberly Process (an international certification organization) along with estimates by Dr. Ashok Damarupurshad, a precious metals and diamond specialist in South Africa.
Rough Diamond Production, By Weight
Russia takes the top spot as the world’s largest rough diamond producer, mining close to 42 million carats in 2022, well ahead of its peers.
Russia’s large lead over second-place Botswana (24.8 million carats) and third-ranked Canada (16.2 million carats) indicates that the country’s diamond production is circumventing sanctions due to the difficulties in tracing a diamond’s origin.
Here’s a quick breakdown of rough diamond production in the world.
Rank | Country | Rough Diamond Production (Carats) |
---|---|---|
1 | 🇷🇺 Russia | 41,923,910 |
2 | 🇧🇼 Botswana | 24,752,967 |
3 | 🇨🇦 Canada | 16,249,218 |
4 | 🇨🇩 DRC | 9,908,998 |
5 | 🇿🇦 South Africa | 9,660,233 |
6 | 🇦🇴 Angola | 8,763,309 |
7 | 🇿🇼 Zimbabwe | 4,461,450 |
8 | 🇳🇦 Namibia | 2,054,227 |
9 | 🇱🇸 Lesotho | 727,737 |
10 | 🇸🇱 Sierra Leone | 688,970 |
11 | 🇹🇿 Tanzania | 375,533 |
12 | 🇧🇷 Brazil | 158,420 |
13 | 🇬🇳 Guinea | 128,771 |
14 | 🇨🇫 Central African Republic | 118,044 |
15 | 🇬🇾 Guyana | 83,382 |
16 | 🇬🇭 Ghana | 82,500 |
17 | 🇱🇷 Liberia | 52,165 |
18 | 🇨🇮 Cote D'Ivoire | 3,904 |
19 | 🇨🇬 Republic of Congo | 3,534 |
20 | 🇨🇲 Cameroon | 2,431 |
21 | 🇻🇪 Venezuela | 1,665 |
22 | 🇲🇱 Mali | 92 |
Total | 120,201,460 |
Note: South Africa’s figures are estimated.
As with most other resources, (oil, gold, uranium), rough diamond production is distributed unequally. The top 10 rough diamond producing countries by weight account for 99.2% of all rough diamonds mined in 2022.
Diamond Mining, by Country
However, higher carat mined doesn’t necessarily mean better value for the diamond. Other factors like the cut, color, and clarity also influence a diamond’s value.
Here’s a quick breakdown of diamond production by value (USD) in 2022.
Rank | Country | Rough Diamond Value (USD) |
---|---|---|
1 | 🇧🇼 Botswana | $4,975M |
2 | 🇷🇺 Russia | $3,553M |
3 | 🇦🇴 Angola | $1,965M |
4 | 🇨🇦 Canada | $1,877M |
5 | 🇿🇦 South Africa | $1,538M |
6 | 🇳🇦 Namibia | $1,234M |
7 | 🇿🇼 Zimbabwe | $424M |
8 | 🇱🇸 Lesotho | $314M |
9 | 🇸🇱 Sierra Leone | $143M |
10 | 🇹🇿 Tanzania | $110M |
11 | 🇨🇩 DRC | $65M |
12 | 🇧🇷 Brazil | $30M |
13 | 🇱🇷 Liberia | $18M |
14 | 🇨🇫 Central African Republic | $15M |
15 | 🇬🇾 Guyana | $14M |
16 | 🇬🇳 Guinea | $6M |
17 | 🇬🇭 Ghana | $3M |
18 | 🇨🇲 Cameroon | $0.25M |
19 | 🇨🇬 Republic of Congo | $0.20M |
20 | 🇨🇮 Cote D'Ivoire | $0.16M |
21 | 🇻🇪 Venezuela | $0.10M |
22 | 🇲🇱 Mali | $0.06M |
Total | $16,290M |
Note: South Africa’s figures are estimated. Furthermore, numbers have been rounded and may not sum to the total.
Thus, even though Botswana only produced 59% of Russia’s diamond weight in 2022, it had a trade value of nearly $5 billion, approximately 1.5 times higher than Russia’s for the same year.
Another example is Angola, which is ranked 6th in diamond production, but 3rd in diamond value.
Both countries (as well as South Africa, Canada, and Namibia) produce gem-quality rough diamonds versus countries like Russia and the DRC whose diamonds are produced mainly for industrial use.
Which Regions Produce the Most Diamonds in 2022?
Unsurprisingly, Africa is the largest rough diamond producing region, accounting for 51% of output by weight, and 66% by value.
Rank | Region | Share of Rough Diamond Production (%) | Share of Rough Diamond Value (%) |
---|---|---|---|
1 | Africa | 51.4% | 66.4% |
2 | Europe | 34.9% | 32.9% |
3 | North America | 13.5% | 52.8% |
4 | South America | 0.2% | 2.4% |
However diamond mining in Africa is a relatively recent phenomenon, fewer than 200 years old. Diamonds had been discovered—and prized—as far back as 2,000 years ago in India, later on spreading west to Egyptian pharaohs and the Roman Empire.
By the start of the 20th century, diamond production on a large scale took off: first in South Africa, and decades later in other African countries. In fact between 1889–1959, Africa produced 98% of the world’s diamonds.
And in the latter half of the 20th century, the term blood diamond evolved from diamonds mined in African conflict zones used to finance insurgency or crime.
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