Economy - Intelpoint

Global gold mine production increased steadily from 2010 to 2023, marking a 29% overall rise despite temporary setbacks in 2019 and 2020

Key Takeaways:

Global gold production rose from 2,830.80 tonnes in 2010 to 3,646.07 tonnes in 2023.
The most significant year-over-year growth occurred between 2012 and 2013, with an increase of over 178 tonnes.
A temporary decline in production was recorded in 2019 and 2020, reflecting pandemic-related disruptions.
Production recovered quickly post-pandemic, reaching a record 3,646.07 tonnes by 2023.
Over the last fourteen years, gold mine output grew at an average annual rate of approximately 2%.
Growth from 2021 to 2023 was more moderate compared to earlier years.

ECOWAS countries (525.55 tonnes) led Africa’s gold production in 2023, with more than half of the continent’s production

Key Takeaways:

Ghana led the continent in gold production in 2023, producing 135.11 tonnes, 13.5% of Africa’s total.
Four countries (Ghana, Mali, South Africa, and Burkina Faso) each produced over 95 tonnes, together accounting for 443 tonnes or 44.1% of the continent’s output.
West African countries dominated the rankings, with eight nations from the region among the top 15 producers.
The West African countries in the top 15 combined contributed 525.55 tonnes, more than half (52.3%) of Africa's total gold production.
South Africa ranked third in Africa with 104.29 tonnes.
Burkina Faso ranked fourth while contributing almost 10% of Africa’s gold production.

Africa led global gold production in 2023 with over 1,000 tonnes, contributing more than 27% of global output

Key Takeaways:

In 2023, Africa was the world’s leading gold-producing region, with a total output of 1,003.98 tonnes.
Asia followed with 661.30 tonnes, representing 18.1% of the world’s gold output.
The Commonwealth of Independent States (CIS) produced 570.90 tonnes, making up 15.7% of the global total.
North America and Central & South America contributed 485.17 tonnes and 542.13 tonnes, respectively.
Oceania was a key producer with 343.29 tonnes, or 9.4% of global output.
Europe contributed the least, producing only 39.30 tonnes, which is about 1.1% of the total.
Altogether, global gold production reached 3,646.07 tonnes in 2023.

Gold surges 67% in 15 months, climbing from $1,985 to a record $3,323

Gold hit its trough at $1,985/oz in February 2024, marking the low before an uninterrupted rally.
After a spring consolidation, gold surged past $2,500/oz in September 2024 (peaking then at $2,546), signaling broadening investor demand.
The metal first cracked the $3,000/oz threshold in March 2025 when it reached $3,026, underscoring accelerating momentum.
That rally culminated in a new record of $3,323/oz in April 2025, a 67.5% gain from the February 2024 low.

Egypt accounted for 43% of Africa's crude steel production in 2023

In 2023, Egypt, South Africa, Algeria, and Morocco dominated Africa's steel industry, accounting for 88% of the continent's production. Egypt led the charge, contributing 43% of Africa's total steel output. Despite this, Africa's 23.92 million tonnes only make up 1.26% of global production.

Almost half of all gold mined throughout history has been used for jewellery

According to recent data, there were approximately 96,487 tonnes of gold jewellery in the world in Dec. 2023, accounting for 45% of the total estimated amount of gold (212,582 tonnes) mined throughout history. Here is an estimated distribution of gold holdings as of Dec. 2023.

Eleven of the top fourteen diamond-producing countries in 2022 are Africa

African countries dominated the list of top diamond producers, with 11 of them among the top 14 in 2022. Russia tops the list with a production of 41.9 million carats, followed by Botswana, which produced 24.5 million carats. Here are the top diamond-producing countries in 2022.