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Russia Gains as Global Diamond Output Falls

Jul 4, 2016 8:17 AM   By Rapaport News
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RAPAPORT... Global rough diamond production fell in 2015 recording its first annual decline in three years as prices slumped.

Total production by value fell 4.2 percent to $13.88 billion last year, data published by the Kimberley Process revealed. Output measured in volume terms increased 2.1 percent to 127.4 million carats, while the average price of production dropped 6.2 percent to $108.96 per carat, the data showed.

Russia extended its lead over Botswana as the biggest rough diamond producer. Russia’s output jumped 14 percent to $4.24 billion and by volume the nation’s output advanced 9.4 percent to 41.9 million carats. Botswana’s production slumped 18 percent to $2.99 billion and output by volume dropped 16 percent to 20.8 million carats.

The data showed a production shift from countries with higher average prices to lower priced producers such as Russia, which produces the most by weight but its average price was relatively low at $101.15 per carat. This compares with $143.73 per carat in Botswana and $131.11 in Angola, where production by volume also fell from a year ago.

The figures reflect Russia-based ALROSA’s decision to increase production by 6 percent to 38.3 million carats in 2015 despite a slump in sales. By contrast, De Beers reduced its production at Debswana, its joint venture in Botswana, by 16 percent to 20.4 million carats. Lucara Diamond Corp., which owns the relatively high-value Karowe mine in Botswana, cut output 15 percent.
Tags: Kimberley Process, mining, Production, Rapaport News, rough, Rough Production
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