Marange to lead world gem production

via Marange to lead world gem production

Local bank, AFRASIA Kingdom, has said the Marange diamond fields will become the world’s largest diamond producer based on the region’s projected 16.9 million carats output for this year.

In its weekly economic commentary, AFRASIA Kingdom said world diamond output was expected to increase this year.

“According to Zimbabwe Mining Development Corporation projections, Marange diamond fields are expected to produce 16.9 million carats in 2013, which would make the project the largest in the world in terms of carats produced annually,” the bank said.

“Zimbabwe is the fourth largest diamond producing nation in the world, and the Marange fields represent almost all of the nation’s production.”

Although, global diamond production was expected to increase, Letseng mine in Lesotho was estimated to produce stones with an average value of US$2,191 per carat, making it the world’s richest on an average per-carat basis.

“However, Letseng is only estimated to produce 85 000 carats this year, worth $186 million,” said AFRASIA Kingdom.

“Australia’s Argyle mine, while famous for producing over 90 percent of the world’s fancy pink diamonds has the lowest average value per-carat output in the world.

“Unpopular brown diamonds, most of which are classified as industrial quality, account for the majority of Argyle’s production bringing down the mines average carat value to only US$25/carat.”

Russia is presently the largest diamond-producing nation in the world with production in 2013 expected to reach more than 33 million carats worth about US$3.4 billion.

“State run diamond company ALROSA accounts for approximately 95 percent of all Russian production,” the bank added.

“After Russia, the Democratic Republic of Congo (DRC) is the second largest diamond-producing nation in the world.

“Artisanal and small-scale miners account for most DRC production, and a third of DRC’s diamonds are believed to be smuggled, making quantifying production very difficult.”

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4 comments on “Marange to lead world gem production
  1. SADC says:

    You say Zim is expected to produce 19 million carats while Russia z expected to produce 33 million carats. Which value is larger and who is producing more here certainly not Zim so how can we be the world’s largest producer of diamonds…

  2. jongwe power says:

    The interesting thing about diamonds is that the prices are artificially high. Try to sell a diamond ring that you paid $1000 for and expect to get less than $50 at a pawn shop or $70 at an auction. Good marketing campaigns by the De Beers family, womens’ magazines and Hollywood movies are what keep the diamond industry in business.

    Fact: It’s actually far much cheaper to artificially produce diamonds than it is to dig them out of the ground.

  3. Mbudziyadhura says:

    This is nonsense: Where is the money from the diamond sales? I think we are actually coming to a boiling point of politics in Zimbabwe. The only way is to use the gun barrel.No one is benefiting from the diamond sales except a few cruel Zanu pf military leaders.Guys do not think you are very superior in using weapons of war.You are pushing the nation to extremes.Gudo guru peta muswe kuti vadiki vakutye.You do not have tittle deeds for this country, neither do you own Zimbabwe.If you do not want to reason like elders of the nation, guns will make you reason like what you did to smith.Gunpoint is the only way to deal with these thugs.Mdct is not brave enough to challenge these thugs with a gun barrel.Baba jukwa you seem to be an organised some one, can we join hands to remove zanu pf in power by means of military.All those soldiers are not happy with the way things are done in Zim. Remember they also have families to look after yet they are being abused.Gun barrel fire will burn you soon.

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