The Annual Global Summary report of the trade in rough diamonds in 2016 released yesterday by the Kimberley Process Certification Scheme (KPCS) once again confirms Russia’s premier position as the largest producer country both in terms of volume and value, while India, the largest manufacturing centre, understandably retains its position as the largest importer of rough also in terms of both volume and value.
The figures reveal a decline in value of annual global production from US$ 13.8 billion to US$ 12.4 billion despite a small rise in volume terms from 127.4 mn carats to 134.1 mn carats in 2016. As a result, the average price per carat fell from US$ 108.96 last year to US$ 92.49 this year.
The Russian Federation which produced 40.3 mn carats valued at US$ 3.6 bn saw its share dropping slightly from 32.9% last year to 30.1% this year in volume terms and from 30.54% to 28.86% in value terms.
The Democratic Republic of Congo (23.2 mn carats) edged out Botswana to become the second largest producing country in volume terms, while the latter with 20.5 mn carats valued at US$ 2.9 bn remained the second largest in terms of value. Botswana’s share of global production fell further from 16.31% in 2015 to 15.29% in 2016 in volume terms though in value terms it inched up marginally from 21.51% last year to 22.95% this year.
Australia and Canada retained their positions as 4th and 5th largest producing countries by volume, while Canada, South Africa and Angola ranked 3rd, 4th and 5th in terms of value.
Among the larger producers, Lesotho (US$ 1065.88), Namibia (US$ 532.60), Liberia (US$ 479.56) and Sierra Leone (US$ 289.34) rank at the top in terms of per carat prices realised, with South Africa (US$ 192.57), Botswana (US$ 138.82), Canada (US$ 107.18), Angola (US$ 119.65) being above the global average. Rough from the Russian Federation yielded a per carat price of US$ 88.75.
India (which imported 149.3 mn carats at US$ 16.7 bn) saw its share rise to 39.21% of global rough imports in volume terms, up marginally from 37.77% last year, while in value terms the country’s share rose to 34.32% this year as against 31.69% last year.
India is ahead of second placed importer, European Union, in terms of both volume and value – the latter having a 29.82% and 27.17% share in terms of volume and value respectively.
News Source: gjepc.org