Decline in Diamond Industry Is Recorded Up To 4.3%
2008: Decline in Diamond Industry Is Due To Less Diamond Production
De Beers' diamond production decreased by 4.3% to 13.111 million carats in the third quarter of 2008, compared to the year before, parent company Anglo American reportedly said in a report. During the first nine months of the year, De Beers' diamond production declined by 4.2% to 37.377 carats.
The company attributed the slump in production to lower recoveries at the Orapa diamond mine in Botswana, and at the Venetia diamond mine in South Africa. However, higher diamond production was reported at Jwaneng in Botswana, which is the second biggest producer next to Orapa. The overall decrease in diamond production came despite the fact that De Beers opened three new diamond mines during the quarter - Victor and Snap Lake in Canada and Voorspoed in South Africa.
Anglo-American owns a 45 percent stake in De Beers.