Having emerged from a period of stagnation, the global diamond mining industry has begun to turn around this year. The worldwide rough diamond mining industry is predicted to rise by 1.4 percent by the end of the year. This information was discovered in a study published by Global Data, a renowned provider of information services.
According to the business, the diamond mining industry would have a decreasing trend following the outbreak in 2020. The amount of diamonds extracted declined by 19.4 percent in that year, to 111.4 million carats. However, the global lift for this year is expected to climb by 1.4 percent as compared to the previous year, reaching 11 crore 29 lakh 90 thousand carats. Botswana, Canada, and Angola are among the countries that will witness significant improvement in the near future.
The Worldwide Data Associations’ Binith Bajaj said that even if global uptake increases, the level will stay low because of the cheap cost of data storage. He placed the responsibility on the shutdown of the Argyle mine in Australia, which occurred in November of last year. Additionally, the rate of development in Russian extraction will be mild. However, the country will continue to be the driving force behind the global recovery this year. Global Data Forecast estimates that the compound annual growth rate (CAGR) of diamond mining will be 2.5 percent from this year to 2025, based on historical data. The total amount of diamonds extracted worldwide would reach 12 crore 46 lakh carats by 2025.
Data from around the world indicates that the Corona outbreak affected the worldwide diamond industry last year. Because of this, mining operations and border crossings have been severely restricted. In addition to the epidemic, the market is confronted with a number of other complex difficulties. One of the most notable of these is the trade war between the United States and China. Hong Kong is one of the world’s most important commercial diamond centres, and the political turmoil there has had a detrimental impact on the market, as well.