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)
