A diamond overload as supply soars

LEGENDARY diamond miner De Beers has reported surging production – with hauls increasing almost six-fold in Canada.

The company produced 8.7m carats over the latest quarter, 36pc more than the same period last year. But sales prices have dropped by 12pc to around £120 per carat.

Owner Anglo American ramped up production at a mine in Canada, and higher grades were found at its Venetia mine in South Africa.

Production also rose in Namibia and Botswana. Sales have been helped by De Beers’ ‘A Diamond is Forever’ marketing campaign – helping turn the jewels into a musthave for engagements.

Actress Lily James, 28, ( pictured) sparked rumours of an impending engagement to Matt Smith, the former Doctor Who, when spotted trying on De Beers rings at a launch party in Harrods last month.