Indian diamantaires pin hopes on Marange diamonds
05 February 2013 | 3049 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 | 9922 views
- Zesa to compete with Econet, launch Zimbabwe's fifth mobile network | 9157 views
- Govt tightens screws on imports | 8988 views
- Wrong Ndebele spellings in Coca-Cola Ads | 8010 views
- Fly Africa to battle SAA on Zimbabwe route with cheaper deals | 5638 views
- Telecel boss Dr Makamba faces axe | 5630 views
KickOff | 24 November 2014 | 835 Views
Staff reporter | 24 November 2014 | 3206 Views
Prince Tongogara | 24 November 2014 | 1786 Views
Chris Goko | 24 November 2014 | 2234 Views
Eddie Cross | 24 November 2014 | 2625 Views
Pius Wakatama | 24 November 2014 | 2537 Views
Staff Reporter | 24 November 2014 | 4689 Views
Staff reporter | 24 November 2014 | 3810 Views
Farai Mbira - ZUNDE | 24 November 2014 | 2712 Views
Staff reporter | 24 November 2014 | 4536 Views
Ray Ndlovu | 24 November 2014 | 5326 Views
Staff Reporter | 24 November 2014 | 4554 Views
Staff reporter | 24 November 2014 | 5113 Views
Staff reporter | 24 November 2014 | 8056 Views
Staff Reporter | 24 November 2014 | 6906 Views
Staff reporter | 24 November 2014 | 4002 Views
Supersport | 24 November 2014 | 3045 Views
Concerned citizen | 24 November 2014 | 8087 Views
Gibson Mhaka | 24 November 2014 | 6077 Views
Danisa Masuku | 24 November 2014 | 5789 Views
Nhtalwenhle Ncube | 24 November 2014 | 5250 Views
Thomas Arnold | 24 November 2014 | 4074 Views
Staff Reporter | 24 November 2014 | 3361 Views
Staff Reporter | 24 November 2014 | 3305 Views
Staff Reporter | 24 November 2014 | 3242 Views
Staff Reporter | 24 November 2014 | 3272 Views
Reuters | 24 November 2014 | 3094 Views
Sports Reporter | 24 November 2014 | 5342 Views
David Shumba | 24 November 2014 | 3697 Views
Mary-kate Kahari | 24 November 2014 | 13645 Views
Staff reporter | 24 November 2014 | 1375 Views
Talent Simbi | 22 November 2014 | 1490 Views
Tuku Music | 21 November 2014 | 2581 Views
Staff Reporter | 21 November 2014 | 2301 Views
Paul Masuku | 21 November 2014 | 1650 Views
Staff reporter | 21 November 2014 | 3212 Views
Staff reporter | 20 November 2014 | 2312 Views
Staff reporter | 20 November 2014 | 7012 Views