Home Business Strong market conditions boost diamond production- De beers

Strong market conditions boost diamond production- De beers

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Strong market conditions boost diamond production- De beers
Strong market conditions boost diamond production- De beers

The groups diamond production up by 8% to 17.5 million carats

The De Beers Group of Companies, has revealed that the conglomerate’s rough diamond production has increased by 8 percent to 17.5 million carats.

The 8 percent increase comes after De Beers registered a production of 16.1 million carats in the first half of 2017.

Speaking at the announcement of the Group’s Interim Financial Results 2018, held recently at the De Beers Global Sightholder Sales in Gaborone, De Beers Executive Vice-President, Diamond Trading, Paul Rowley said there has been continued strong demand so far in 2018.

He said the demand follows record global demand for diamond jewelry in 2017 of US$82 billion stemming from the recent number of innovative initiatives announced by the group in the first half.

Rowley also announced that the initiatives which include a pilot of the first blockchain technology to span the diamond value chain, will deliver benefits for the diamond industry more broadly. He also noted that the initiatives will support business in the future.

Adding onto Rowley’s presentation, De Beers Group of Companies Executive Vice President Commercial and Partnerships, Alessandra Berridge said that the recent launch of GemFair, a pilot programme to create a secure and transparent route to market for ethically sourced artisan and small-scale mined (ASM) diamonds will help increase working conditions.

“GemFair will use a dedicated technology to record ASM production at mine sites,” she explained, continuing that the technology will be used at mine sites that meet demonstratable ethical standards.

Berridge also noted that the technology would help to improve working conditions and livelihoods for those working in the sector. “If successful, the technology used in GemFair will be integrated with the Tracr blockchain platform,” she noted.

The duo also stated that the local Debswana mines registered a 9 percent increase in production to 12.1 million carats in 2018 compared to 11.1 million carats in the first half of 2017.
“Production at Jwaneng was 2 percent higher owing to a 10 percent increase in plant throughput. At Orapa, a 16 percent rise in output was driven by the continued ramp-up of plant 1, the successful restart of the Damtshaa operation and commissioning of the Letlhakane Tailings Plant,” they revealed.