Business / Economy
Marange set to become world's largest diamond producer - report
28 Aug 2013 at 05:46hrs | Views
AFRASIA Kingdom says Marange diamond fields will become the largest diamond producer in the world based on the 16.9 million carats the project is expected to produce this year.
In its weekly commentary, the financial institution said the world diamond output was expected to increase this year.
"According to Zimbabwe Mining Development Corporation projections, Marange diamond fields are expected to produce 16.9 million carats in 2013, which would make the project the largest in the world in terms of carats produced annually... Zimbabwe is the fourth largest diamond producing nation in the world, and the Marange fields represent almost all of the nation's production," said the report.
It said while the world's diamond production was expected to increase, Letseng mine in Lesotho was estimated to produce gemstones with an average value of $2,191 per carat making it the world's richest on an average per-carat basis.
"However, Letseng is only estimated to produce 85 000 carats this year, worth $186 million. Australia's Argyle mine, while famous for producing over 90 percent of the world's fancy pink diamonds has the lowest average value per-carat output in the world.
"Unpopular brown diamonds, most of which are classified as industrial quality, account for the majority of Argyle's production bringing down the mines average carat value to only $25/carat," said AfrAsia.
Argyle was this year estimated to produce 10.2 million carats.
At the moment, Russia is the largest diamond-producing nation in the world.
In 2013, Russia is expected to produce more than 33 million carats worth above $3,4 billion.
"State run diamond company ALROSA accounts for approximately 95 percent of all Russian production.
"After Russia, the Democratic Republic of Congo (DRC) is the second largest diamond-producing nation in the world. Artisanal and small-scale miners account for most DRC production, and a third of DRC's diamonds are believed to be smuggled, making quantifying production very difficult. The Kimberley Process Certification Scheme had the DRC producing 21,5 million carats in 2012," said the financial institution.
In its weekly commentary, the financial institution said the world diamond output was expected to increase this year.
"According to Zimbabwe Mining Development Corporation projections, Marange diamond fields are expected to produce 16.9 million carats in 2013, which would make the project the largest in the world in terms of carats produced annually... Zimbabwe is the fourth largest diamond producing nation in the world, and the Marange fields represent almost all of the nation's production," said the report.
It said while the world's diamond production was expected to increase, Letseng mine in Lesotho was estimated to produce gemstones with an average value of $2,191 per carat making it the world's richest on an average per-carat basis.
"However, Letseng is only estimated to produce 85 000 carats this year, worth $186 million. Australia's Argyle mine, while famous for producing over 90 percent of the world's fancy pink diamonds has the lowest average value per-carat output in the world.
"Unpopular brown diamonds, most of which are classified as industrial quality, account for the majority of Argyle's production bringing down the mines average carat value to only $25/carat," said AfrAsia.
Argyle was this year estimated to produce 10.2 million carats.
At the moment, Russia is the largest diamond-producing nation in the world.
In 2013, Russia is expected to produce more than 33 million carats worth above $3,4 billion.
"State run diamond company ALROSA accounts for approximately 95 percent of all Russian production.
"After Russia, the Democratic Republic of Congo (DRC) is the second largest diamond-producing nation in the world. Artisanal and small-scale miners account for most DRC production, and a third of DRC's diamonds are believed to be smuggled, making quantifying production very difficult. The Kimberley Process Certification Scheme had the DRC producing 21,5 million carats in 2012," said the financial institution.
Source - chronicle
