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Global Rough Production Surges in 2017

Jul 8, 2018 9:47 AM   By Rapaport News
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RAPAPORT... Global rough-diamond production increased in 2017, mainly due to new mines in Canada, according to data the Kimberley Process (KP) released last week.

Total output rose 29% to $15.87 billion last year, the KP said. By volume, production grew 19% to 150.9 million carats, with the average price up 8% to $105 per carat.

Russia remained the largest producer of rough in 2017, its output jumping 15% to $4.11 billion, and advancing 6% by volume to 42.6 million carats.

Diamond recovery in Canada grew 47% to $2.06 billion, with volume up 78% to 23.2 million carats, thus overtaking Botswana as the second-largest producer country by volume. Canada’s production was boosted by the addition of the Gahcho Kué and Renard mines, which both launched in late 2016. Meanwhile, Botswana’s output rose 17% to $3.33 billion, and by volume climbed 12% to 23 million carats.

South Africa took the third spot for production value, with a 147% surge to $3.09 billion, helped by a sharp rise in the average price by 113% to $319 per carat.

Global rough imports increased 3% to $49.85 billion for the year, with total volume up 28% to 489.9 million carats. The average price of imports dropped 20% to $102 per carat. India ranked as the largest importer of rough diamonds during the year, with inbound shipments rising 31% to $18.98 billion, while volume increased 40% to 195 million carats. The European Union (EU) — mainly Belgium — took the second spot, with the United Arab Emirates (UAE) following in third place.

Exports of rough diamonds went up 3% to $49.94 billion, and by volume rose 18% to 453.6 million carats. The overall average price of rough exports fell 13% to $110 per carat. Exports from the EU fell 3% to $12.68 billion but leaped 27% by volume to 129.2 million carats, making it the largest center for outbound shipments, followed by the UAE, Botswana and Russia.

Top 10 Rough Producers in 2017

Country Value ($M) Volume (’000 carats) Average price ($/ct.)
Russia $4,112 42,615 $97
Botswana $3,329 22,961 $145
South Africa $3,089 9,683 $319
Canada $2,060 23,234 $89
Angola $1,105 9,439 $117
Namibia $1,011 1,948 $519
Lesotho $343 1,126 $304
Australia $200 17,135 $12
Zimbabwe $175 2,508 $70
DR Congo $157 18,903 $8

Top Five Rough Importers in 2017

Country Value ($M) Volume (’000 carats) Average price ($/ct.)
India $18,977 195,004 $97
European Union $12,183 159,800 $76
United Arab Emirates $6,925 86,904 $80
Israel $3,658 10,065 $363
Botswana $1,983 10,706 $185

Top Five Rough Exporters in 2017

Country Value ($M) Volume (’000 carats) Average price ($/ct.)
European Union $12,677 129,158 $98
United Arab Emirates $9,757 88,379 $110
Botswana $5,548 33,319 $167
Russia $4,429 45,950 $96
Israel $3,011 8,731 $345
Source: Kimberley Process

Image: Alrosa
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Tags: Gahcho Kué, Global Diamond Production, Kimberley Process, KP, Rapaport News, renard
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