Global Rough Production Surges in 2017

RAPAPORT... Global rough-diamond production increased in 2017, mainlydue to new mines in Canada, according to data the Kimberley Process (KP)released last week. Total output rose 29% to $15.87 billion last year, the KPsaid. By volume, production grew 19% to 150.9 million carats, with the averageprice up 8% to $105 per carat. Russia remained the largest producer of rough in 2017, itsoutput jumping 15% to $4.11 billion, and advancing 6% by volume to 42.6 millioncarats. Diamond recovery in Canada grew 47% to $2.06 billion, with volumeup 78% to 23.2 million carats, thus overtaking Botswana as the second-largestproducer country by volume. Canada's production was boosted by the addition ofthe Gahcho Ku?(C) and Renard mines, which both launched in late 2016. Meanwhile,Botswana's output rose 17% to $3.33 billion, and by volume climbed 12% to 23million carats. South Africa took the third spot for production value, witha 147% surge to $3.09 billion, helped by a sharp rise in the average price by113% to $319 per carat. Global rough imports increased 3% to $49.85 billion for theyear, with total volume up 28% to 489.9 million carats. The average price ofimports dropped 20% to $102 per carat. India ranked as the largest importer ofrough diamonds during the year, with inbound shipments rising 31% to $18.98billion, while volume increased 40% to 195 million carats. The European Union (EU) -mainly Belgium - took the second spot, with the United Arab Emirates (UAE) followingin third place. Exports of rough diamonds went up 3% to $49.94 billion, andby volume rose 18% to 453.6 million carats. The overall average price of roughexports fell 13% to $110 per carat. Exports from the EU fell 3% to $12.68billion but leaped 27% by volume to 129.2 million carats, making it the largestcenter for outbound shipments, followed by the UAE, Botswana andRussia. Top 10 Rough Producers in 2017

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