Diamond Production Plunges in 2020

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RAPAPORT… Global rough-diamond production slumped last year, new data showed, as miners slashed output in response to the Covid-19 pandemic.

The total value of diamond recoveries slid 32% to $9.24 billion in 2020, according to figures the Kimberley Process (KP) released recently. Production volume dropped 23% to 107.1 million carats, while the average price fell 12% to $86 per carat.

De Beers and Russia’s Alrosa saw rough output by volume decline 18% and 22%, respectively, as both companies attempted to match production to the lower demand. Eight of the 10 largest producing countries by value registered a drop in production, with only South Africa and Zimbabwe witnessing increases.

Production in Botswana, De Beers’ largest source of goods, fell 27% to $2.52 billion. Still, the nation jumped ahead of previous leader Russia, where output plummeted 45% to $2.25 billion, reflecting Alrosa’s cuts.

The data release follows the KP’s annual intersessional meeting, which took place late last month.

Rough-diamond production in 2020

Country2020 ProductionYear-on-year change
 Volume (cts.)Value ($)$/ct.VolumeValue$/ct.
Botswana16,940,705.00$2,521,363,106.00$148.83-28%-27%3%
Russia31,186,550.59$2,254,886,568.57$72.30-31%-45%-20%
Angola7,734,281.00$1,017,283,207.00$131.53-15%-20%-5%
South Africa8,478,398.00$958,497,881.28$113.0518%10%-7%
Canada13,103,545.77$929,282,614.88$70.92-30%-45%-22%
Lesotho481,242.71$261,212,515.63$542.79-57%-10%108%
Zimbabwe2,670,457.62$152,597,484.34$57.1427%8%-15%
Sierra Leone641,469.10$119,434,480.22$186.19-21%-29%-10%
Australia10,945,135.55$117,876,142.53$10.77-16%-26%-12%
DRC*12,743,355.19$89,285,337.96$7.01-10%-61%-56%

*Democratic Republic of Congo
Source: Kimberley Process

Image: Haul trucks at De Beers’ Orapa mine in Botswana. (Ben Perry/Armoury Films/De Beers)

Source: diamonds.net Rapaport

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