Diamond production from Australia increases by 9%

Diamond production from Australia increased by 9 percent to 18.022 million carats during the current fiscal year ending June 30, 2009, reports say, of which, 92 percent was exported. The value of exports however decreased by 24 percent to $399 million as the average diamond price fell to $24 per carat. The total volume of exports in the current fiscal was flat at 16.618 million carats.

Average value of diamonds is expected to remain at $24 per carat in the next fiscal, but value of exports is likely to fall by 25 percent to an estimated $298 million. This is being attributed to a predictable 30 percent drop in production to 12.6 million carats in the next fiscal year.