The Kimberley Process Certification Scheme (KPCS) has released a report which states that the diamond industry figures are still failing to reach the levels achieved in 2008. Even so, the trade in diamonds has shown significant improvements in the aftermath of the economic downturn since the later part of last year.
Declining demand for diamonds and gems has resulted in many diamond mining firms being forced to slow or halt their production operations. However, this is not true of Russia who in 2009 rose to the top of the pile as the highest producer of diamonds – their 34.8 million carats in total counting for 28 percent of production worldwide.
Successful in terms of importation, India became the top diamond importer in volume terms with $119.7 million (£76.5 million) carats as a total. The European Community did continue to lead in terms of value, with a high of $9.2 billion (£5.9 billion).
Russia outsourced a total of 34.8 million carats which is the equivalent of 28 percent of production globally. On average, the value of each carat stood at $67.34 (£43.1). In 2008, the country manufactured 36.9 million carats, a total of $3.27 billion (£2.1 billion).
In value terms, Canada became the biggest producer at $1.47 billion (£94 million), with a grand total of 10.946 million carats. The Democratic Republic of Congo was a runner up in regards to volume, producing a total of 21.3 million carats which reached the figure of $225.8 million (£144.4 million). For the Congo, the average price per carat rested at $10.60 (£6.8).
Next in line as the third top producer with respect to volume, Botswana reached a total of 17.734 million carats or $1.44 billion (£92 million) in terms of monetary value.
Whilst these figures do reveal a strong recovery since the economic struggles paid their toll, as the Kimberly Process Certification Scheme reiterated, value and production levels are still not back up to their best standards just yet.