Consumers attracted to diamond jewelry more than ever

Ali Pastorini is the co-owner of Del Lima Jewelry and President of Mujeres Brillantes, an association which brings together more than 1,000 women working in the gold and diamond trading sector, mainly from Latin America, as well as from Turkey, Spain...

Yesterday

WDC actively supports initiatives from mine to retail; and also strives for support for the artisanal and small-scale miners - Edward Asscher, President, World Diamond Council

A member of one of the diamond industry and Amsterdam’s most well-known families, Edward Asscher was elected President of the World Diamond Council in June 2020 for a two-year term. Asscher is serving a second time as WDC President, having led the organization...

14 september 2020

Diamonds are one of the few things that have held human fascination in every nook and cranny of the world across time

Dr Usha R. Balakrishnan, a preeminent historian of Indian jewellery based in Mumbai, is Chief Curator of the World Diamond Museum. Being the author and co-author of several volumes of Diamonds Across Time, a new book and an important venture launched...

11 september 2020

Botswana Diamonds to bulk sample KX36 kimberlite, sees commercial potential

Botswana Diamonds recently acquired Petra Diamonds’ exploration assets in Botswana for $300000. The assets that were owned by Petra through its wholly-owned Sekaka Diamonds Exploration, include the KX36 project, a 3.5 hectare kimberlite that was a new...

07 september 2020

Indian diamond industry looks for recovery options

Webinars being the order of the day due to COVID-19 crisis, the Gem & Jewellery Export Promotion Council (GJEPC) of India organized a virtual meeting under its UNCUT 2020 Webinar series on 17 August 2020, inviting all stakeholders to discuss...

31 august 2020

Diamond production in Russia and Yakutia in 2008-2019

29 june 2020

Given the slowdown in rough diamond production of mining companies across the world caused by the coronavirus pandemic, it seems interesting to see how diamond mining has developed over the past decade.

Diamond production in the Russian Federation by diamond-mining regions and enterprises in 2008-2018 is shown in Table. 1.

Table 1

Diamond production in the Russian Federation by diamond-mining regions and enterprises in 2008-2018, $ million

analyt_15062020_eng.png

According to the above figures, the Russian Federation and the Republic of Sakha (Yakutia) produced rough diamonds to the amount of $ 3,842 million and $ 3,294 million respectively in 2018. Thus, the annual decline in diamond production reached 9.5% in Russia and 13.9% in Yakutia.

Decrease in diamond production in Russia in the first half of 2019

In 2019, the pressure from lab-grown diamonds increased and production of natural diamonds started to decline. According to the Kimberley Process data for the first half of 2019, the Russian Federation produced 19.46 million carats of diamonds worth $ 1 907.9 million. This is less than in the second half of 2018 by 18.1% in terms of carats and by 6.6% in terms of value.

Prospects for diamond mining in Russia in 2020

The lower prices of synthetic diamonds compared to natural diamonds, as well as the market advantages associated with ethics and sustainability, have significantly affected the minds of buyers. In addition, a less obvious factor also contributes to the promotion of artificial diamonds - the profit they provide to retailers. Analysis of wholesale and retail prices for unbranded synthetic and natural diamonds revealed that the gross retail profit from popular carat sizes of synthetic diamonds is 1.8 times higher versus natural diamonds.

Given the decline in production due to the coronavirus pandemic, it seems obvious that diamond production in the Russian Federation and the Republic of Sakha (Yakutia) in 2020 will be reduced even more.

Yury Danilov, Ph. D., independent expert and analyst