Indian diamantaires pin hopes on Marange diamonds
05 February 2013 | 2611 Views
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
- Panic as banks issue rand only | 20514 views
- Nyoni causes stir, addresses business indaba in Ndebele | 10470 views
- Zimbabwe still printing money | 8862 views
- Zimbabwe Platinum Mine boss deported from South Africa | 8559 views
- NSSA suspends over 40,000 pensions | 8030 views
- Avoid being scammed by FAKE INSURANCE policies flooding Zimbabwe | 6970 views
Staff rerporter | 04 May 2016 | 756 Views
Staff reporter | 04 May 2016 | 448 Views
Tidi Kwidini | 04 May 2016 | 157 Views
Sports writer | 04 May 2016 | 523 Views
Tendai Ruben Mbofana | 04 May 2016 | 221 Views
Staff reporter | 04 May 2016 | 375 Views
Itai Mushekwe | 04 May 2016 | 667 Views
Wilbert Mukori | 04 May 2016 | 222 Views
Belontos Books | 04 May 2016 | 160 Views
Khumbulani Maphosa | 04 May 2016 | 240 Views
Patrick Guramatunhu | 04 May 2016 | 355 Views
Staff reporter | 04 May 2016 | 644 Views
Staff reporter | 04 May 2016 | 487 Views
Staff reporter | 04 May 2016 | 480 Views
Staff reporter | 04 May 2016 | 532 Views
Staff reporter | 04 May 2016 | 825 Views
Walter Mswazie | 04 May 2016 | 387 Views
Bianca Mlilo | 04 May 2016 | 269 Views
Nick Mangwana | 04 May 2016 | 323 Views
Nduduzo Tshuma | 04 May 2016 | 320 Views
Leonard Ncube | 04 May 2016 | 337 Views
Bianca Mlilo | 04 May 2016 | 222 Views
Staff reporter | 04 May 2016 | 130 Views
Staff Reporters | 04 May 2016 | 232 Views
Nqobile Tshili | 04 May 2016 | 514 Views
Ricky Zililo | 04 May 2016 | 176 Views
Grace Chingoma | 04 May 2016 | 304 Views
Staff Reporter | 04 May 2016 | 498 Views
Robson Sharuko | 04 May 2016 | 331 Views
Gwinyai Mutongi | 04 May 2016 | 269 Views
Bruce Ndlovu | 04 May 2016 | 162 Views
Staff Reporter | 04 May 2016 | 1165 Views
Vusmann | 03 May 2016 | 841 Views
Tawanda Marwizi | 03 May 2016 | 1021 Views
Bongani Ndlovu | 02 May 2016 | 1662 Views
DJ-Sticha | 02 May 2016 | 1489 Views
Staff reporter | 01 May 2016 | 1888 Views
Mafu Sithabile | 29 April 2016 | 6535 Views