Global diamond production increased 2.1 percent to 127.4 million carats in 2015, although their overall value decreased 4.2 percent to $13.88 billion, according to recently released figures from the Kimberley Process Certification Scheme (KPCS) and reported in The Times of India.
Russia enhanced its position over Botswana as the dominant producer of rough diamonds in terms of volume and value. India maintained its position as world’s largest rough diamond importing country.
Despite maintaining its position, India’s rough diamond import decreased 15 percent in 2015 at 130 million carats compared to 153 million carats over the same period in the previous year. The value of rough diamond imports fell from $17 billion to $13 billion – a 23.5-percent decrease.
Approximately 344 million carats of rough diamonds were sold worldwide in 2015, with an estimated value of $42 billion. India imported around 38 percent of diamonds, followed by 30 percent in the European Union and a further 18 percent in the United Arab Emirates.
"The carat value of rough diamonds is on the decline due to various factors, including lower demand due to Chinese impact, crude oil prices, Euro zone crisis etc.,” said Diamond Analyst Aniruddha Lidbide.
“The uncertainty still prevails in diamond business worldwide after Brexit, which is likely to devalue the currencies in the longer run."