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Global Diamond Production Value Rises

Higher output in Botswana drove overall increase for 2018.
Jul 7, 2019 11:00 AM   By Rapaport News
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RAPAPORT... Global rough-diamond output grew 2% to $14.47 billion last year, reflecting higher production in Botswana, according to data the Kimberley Process (KP) released last week.

The average price increased 4% to $97 per carat, outweighing a 2% decline in production volume to 148.4 million carats, the figures showed.

Russia remained the world’s principal source of rough, despite its recoveries falling 3% to $3.98 billion. Botswana was largely responsible for the overall increase in value, with the nation’s output rising 6% to $3.53 billion for the year. Production in Canada increased 2% to $2.1 billion.

Volume down

The decline in global production volume mirrors a slump in supply from the Argyle mine in Australia. Production in the country fell 18% to 14.1 million carats, according to the KP, matching data for Argyle provided earlier this year by its owner, Rio Tinto.

Botswana, which offers higher-value goods than most other large producing countries, saw 2018 output volume rise 6% to 24.4 million carats, reflecting a similar increase in production at Debswana, De Beers’ joint venture with the Botswana government.

Meanwhile, Botswana overtook Canada as the second-largest producer by volume, after dropping into third place in 2017.

Top 10 Rough Producers in 2018

Country Value ($M) Volume (’000 carats) Average price ($/ct.)
Russia $3,983 43,161 $92
Botswana $3,535 24,378 $145
Canada $2,098 23,194 $90
South Africa $1,228 9,908 $124
Angola $1,224 8,409 $146
Namibia $1,125 2,397 $469
Lesotho $377 1,294 $291
Zimbabwe $210 3,255 $65
Australia $181 14,069 $13
Sierra Leone $157 742 $212

Image: Rough diamonds. (Shutterstock)
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Tags: Angola, Australia, Botswana, Canada, Kimberley Process, KP, Lesotho, mining, Namibia, Rapaport News, Rough Diamonds, Russia, Sierra Leone, South Africa, Zimbabwe
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