Global rough production surges in 2017

| July 26th, 2018

Global rough production surges in 2017
"Global rough production surges in 2017"

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.

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Source Rapaport

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