KP Statistics: Global Production Slows in 2006

150 150 Rapaport News

RAPAPORT… Global diamond production dropped slightly in 2006 as Kimberley Process (KP) members reported to have mined 175.5 million carats during the year. Despite the 0.6 percent drop in production volume from 2005, the overall value of diamonds mined rose 3.7 percent to $11.97 billion in 2006. The average value per carat rose 4.4 percent to $68.22/ct.

KP released the 2006 data on July 19, 2007, marking the third year worth of data made available by the organization so far.

Bangladesh and Venezuela were the only two of KP’s 46 participating countries that did not submit data for the report. KP noted that Taiwan had met with the membership criteria and that its import-export figures were included in the report. 

Members committed to provide diamond trade figures to KP for publication as part of a drive to bring greater transparency and scrutiny for analysts and observers in the industry.

According to the figures, combined rough imports among the KP members dropped 6.7 percent to $35.15 billion in 2006. Imports declined to $74.32/ct from $75.29/ct in 2005.

Similarly, total exports fell 8.9 percent to $35.401 billion in 2006. Export prices stood at $73.95/ct in 2006 compared with $74.66/ct in 2005.

Botswana again proved to be the world’s largest diamond producer by value having mined $3.2 billion in 2006, made up of 34.29 million carats. Russia came in at No.2 with $2.57 billion although it had the highest carat production for the year with 38.36 million carats of diamonds mined.

The statistics listed Canada at No.3 with $1.39 billion and 13.2 million carats, followed by South Africa with $1.36 billion and 14.93 million carats, and in fifth place Angola registered $1.1 billion by value from 9.17 million carats.

Other notable diamond producers during the year were Australia, which produced 29.9 million carats valued at $559.57 million, and the Democratic Republic of the Congo (DRC) which mined 28.9 million worth $431.93 million.

Lesotho produced the highest valued stones having mined an average $743.23/ct in 2006, followed by Namibia with $375.02/ct and Sierra Leone with $214.90/ct.

India was the biggest individual importer in 2006 bringing in $8.55 billion while Israel imported $5.49 billion worth of diamonds. The KP did not provide separate data for Belgium placing it under the European Community whose members imported a combined $13.73 billion. The European Community  exported $13. 83 billion, while Israel exported $3.45 billion, and South Africa $1.93 billion.

Leave a Reply

Your email address will not be published.