KP: Global Diamond Production -11% To $12.4bn
Worldwide diamond production in 2016 fell nearly 11% year-on-year to $12.4 billion owing to a drop in rough diamond prices, according to the latest statistics published by the Kimberley Process Certification Scheme (KPCS).
In volume terms though, global diamond production saw a 5% increase to 134.07 million carats. Reflecting the fall in rough prices, the average diamond price plunged 15% to $92.49 per carat.
In 2016, Russia was the biggest diamond producer in terms of value and volume, accounting for almost a third of all diamonds produced in the world with an output of 40.3 million carats valued at $3.57 billion ($88.75 per carat).
Botswana was the second-highest diamond producer in value terms, having supplied 20.5 million carats worth $2.84 billion ($138.82 per carat).
The Democratic Republic of Congo (DRC) was the second-largest volume-based producer with an output of 23.2 million carats valued at $246.7 million ($10.63 per carat).
Canada’s diamond output of $1.39 billion made it the third-highest producing nation in value terms, while South Africa came fourth with production totalling $1.24 billion last year.
Lesotho reported the highest average diamond price of $1,065.88 per carat (342,014 carats worth $364.5 million).
India was the top rough diamond importer in value and volume terms last year. India’s rough imports grew 25% in value to $16.6 billion and rose 15% in volume to 149.3 million carats versus 2015.
In 2016, European Union was the top rough diamond exporter – 101.4 million carats valued at $13 billion. UAE was the second-highest rough exporter, at 68.8 million carats worth $8.5 billion.