KPCS: Russia takes top spot as producer and India as importer of rough diamonds

Russia was identified as the largest diamond producer in the world in the Annual Global Summary report of the trade in rough diamonds in 2015 published by the Kimberley Process Certification Scheme (KPCS), reports say. The reports noted that share of the Russian Federation increased (on y-o-y basis) to 32.9 percent from 30.7 percent in volume and also rose in value from 25.75 percent to 30.54 percent, as per reports. This reflected Alrosa’s stance to refrain from cutting back on production. Rough diamonds from the Russian Federation garnered a per carat price of US$ 101.15.

Besides Russia, De Beers’ share of global production in volume terms dipped from 19.77 percent in 2014 to 16.31 percent in 2015 and also slid (on y-o-y basis) in value terms from 25.16 percent to 21.51 percent, reports say. The company had decided to cut production in the second half of the year. This was followed by Democratic Republic of Congo, Australia and Canada taking the three ranks in volume-wise production, while Canada, Namibia and South Africa took the next three spots basis value of production.

The report further noted that the global rough diamond production stood at 127.40 million carats from 124.78 million carats in the previous year. The value of global rough diamond production dropped from US$ 14.5 billion in 2014 to US$ 13.88 billion last year. The average price per carat also dipped from US$ 116.7 in 2014 to US$ 108.96.

The report also indicated India to be the largest importer of rough diamonds volume-wise. The country’s share of imports increased 37.77 percent from 37.55 percent. The share of imports in value terms of the country also increased from 30.40 percent to 31.69 percent (on y-o-y basis). Following India was European Union. The EU’s share in global diamond imports in volume terms was 30.23 percent but in value terms it was 27.97 percent.