Global rough-diamond production fell by value for the second consecutive year as output declined in the two largest producer countries, according to data the Kimberley Process (KP) released Tuesday.
The total value of rough diamonds extracted in 2016 dropped 11% to $12.4 billion from $13.88 billion the previous year, the figures showed. And while production volume grew 5% to $134.1 million carats, the average price slid 15% to $92 per carat.
Global production value had already dropped 4.2% in 2015 — the first decline in three years.
Russia remained the largest producer in 2016, even as output slid 16% to $3.58 billion, the data showed. Botswana, which used to hold the number-one spot until Russia overtook it in 2014, saw production slip 4.7% to $2.85 billion.
In seven of the top 10 diamond-mining nations, production value declined for the year. Canada’s output fell 17% to $1.4 billion, and South Africa’s dropped 10% to $1.25 billion. Value decreased in Angola, Namibia and Australia as well, but rose in Lesotho, the Democratic Republic of Congo and Sierra Leone.
Top 10 producing nations in 2016 by value
|Country||Value ($M)||Volume (’000 carats)||Average price ($/ct.)|
Source: Kimberley Process