Indian diamantaires pin hopes on Marange diamonds
05 February 2013 | 3051 Views
- Zimbabwe torpedo Australia's KP vice chair aspirations | 14 November 2014
- Botswana boycotts Zimbabwe diamond conference | 06 November 2014
- Court to decide on $45 million Zim diamonds seized in Belgium | 06 November 2014
- Zimbabwe ready to host diamond expo | 31 October 2014
- Zimbabwe diamond exports sharply declines | 07 October 2014
- Facelift for Zim diamonds | 02 October 2014
Diamantaires in world's biggest diamond cutting and polishing centre in Surat are looking at Zimbabwe for the required supplies of rough diamonds during the year as diamond production of mining companies like De Beers has decreased phenomenally.
Two of the largest diamond mines in the world -- Canada's Ekati and Diavik mines -- have exhausted open pit resources and now both are underground mines. The need to convert a mine from an open pit operation to an underground operation typically results in curtailed production given the geology of Kimberlite pipes -the geologic formation of the resource is shaped like a carrot -- and gets narrower at depth.
Ekati's production declined 28 per cent year-over-year in 2012 and Diavik's output is estimated to fall 17 per cent year-over-year in 2013. Three more of the world's largest mines are set to go underground over the next few years as Russia's Udachny mine is expected to be converted to an underground operation in the next two to four years and Botswana's Jwaneng and Orapa mines are expected to follow suit.
Rough diamonds achieved record prices in the summer of 2011, but have since slipped back to 2010 levels on global macroeconomic worries. However, current prices are still higher than historic levels of summer 2008, and supply is estimated to fall short of new demand over the next two decades, which could take prices back to new highs.
The rough diamond demand in India is pegged at $15 billion per annum since the last three years with the increased production following the rising demand of polished diamonds.
According to a recent report published by Zimbabwe government, the country expects diamond production from its Marange fields to double to 16.9 million carats in 2013 as the mining companies' ramp up production in the region where human rights groups have flagged concerns over rights abuses.
The Zimbabwe government through its mining firm Zimbabwe Mining Development Corporation (ZMDC) operates five joint venture mines in Marange, which produced 8 million carats in 2012 and generated $685 million in exports.
Diamond analyst Aniruddha Lidbide told TOI, "As the rough diamond production in world's leading mines are on a decline, Zimbabwe is the only hope for Indian diamantaires. It is only Surat, which has the skill to cut and polish the Zimbabwe stones."
Diamantaires Diamonds Marange
Most Read Stories
- Econet buys Telecel | 10149 views
- Zesa to compete with Econet, launch Zimbabwe's fifth mobile network | 9347 views
- Govt tightens screws on imports | 9092 views
- Wrong Ndebele spellings in Coca-Cola Ads | 8145 views
- 'Motor vehicle duty must be reduced,' says Tariffs Commission | 7790 views
- $40 million coins to be delivered to Zimbabwe next week | 6852 views
Patrick Kabwela | 28 November 2014 | 2669 Views
Staff Reporter | 28 November 2014 | 5553 Views
Wilbert Mukori | 27 November 2014 | 2881 Views
Staff reporter | 27 November 2014 | 4024 Views
Staff reporter | 27 November 2014 | 10627 Views
Magari Mandebvu | 27 November 2014 | 4530 Views
Staff reporter | 27 November 2014 | 3271 Views
Tawanda Majoni | 27 November 2014 | 2549 Views
Tawanda Majoni | 27 November 2014 | 3932 Views
Staff reporter | 27 November 2014 | 2648 Views
Staff reporter | 27 November 2014 | 1861 Views
Prof Welshman Ncube | 27 November 2014 | 1681 Views
Staff reporter | 27 November 2014 | 3394 Views
Staff Reporter | 27 November 2014 | 4624 Views
Staff Reporter | 27 November 2014 | 1322 Views
Staff reporter | 27 November 2014 | 3133 Views
Freeman Masuku | 27 November 2014 | 3003 Views
Mukachana Hanyani | 27 November 2014 | 3027 Views
Prof Richard M Simango | 27 November 2014 | 2943 Views
John Sigauke | 27 November 2014 | 2741 Views
Dr. Wangu Mazodze - MDC T South Africa Spokesperson | 27 November 2014 | 3213 Views
Staff reporter | 27 November 2014 | 8153 Views
Vince Musewe | 27 November 2014 | 4090 Views
Maggie Mzumara | 27 November 2014 | 3526 Views
Staff reporter | 27 November 2014 | 4250 Views
CZ | 27 November 2014 | 2971 Views
Court Reporter | 27 November 2014 | 5732 Views
Fungai Jachi | 27 November 2014 | 2841 Views
Staff reporter | 27 November 2014 | 3994 Views
Staff reporter | 27 November 2014 | 2892 Views
360nobs.com | 27 November 2014 | 1378 Views
Jonathan Mbiriyamveka | 26 November 2014 | 3940 Views
Staff reporter | 26 November 2014 | 1756 Views
Admin | 25 November 2014 | 1580 Views
Staff reporter | 25 November 2014 | 2263 Views
Masimba Makasi | 25 November 2014 | 1883 Views
Staff Reporter | 25 November 2014 | 4314 Views
Staff reporter | 25 November 2014 | 4059 Views