Australia’s diamond mining sector is set to experience significant growth in 2012, as new analysis points to increased mining profits and production within the industry, according to the Australian Associated Press.
This expansion represents a different path than other areas of business in the country, as several key sectors will experience contraction in 2012.
The news source reported that diamond and gemstone mining will increase revenue by 37 percent to a total of $600 million in 2012, according to analysts from the industry research firm IBISWorld. The specific sector was placed in the “fly” category, while many others were posted as being likely to “fail.”
IBISWorld general manager Karen Dobie said the rebound in the export-oriented diamond and gemstone mining industry would come following a period of decline. The AAP reported that contraction in the sector was experienced due to low production, poor prices and a highly-valued Australian dollar.
“The revenue rebound will be driven by stabilising prices and higher production levels, which are forecast to increase by 39.5 percent,” Dobie told the news source.
According to The Israeli Diamond Industry, the Australian government published a report in April 2011, predicting that 2012 would be a year that could bring about an end to the drop in rough diamond production. The initial projections noted that a 21 percent increase in exports would occur.
The Australian Bureau of Agricultural and Resource Economics and Sciences projected that the country’s diamond production for 2012 would reach 12.05 million carats with an estimated export value of more than $456 million, according to the news source.
Australia is one of the leading sources of rare fancy colored diamonds in the world, The Israeli Diamond Industry reported, with one site in the western part of the country yielding up to 90 percent of the pink and red diamonds recovered worldwide.
The United States Geological Survey reiterated the strength of the Australian diamond mining industry, as the significant resources that are present in the country have made it one of the world’s leading exporters.
According to the USGS, new mining projects in Australia have been started by several companies, as these firms are looking to find more deposits of the resource in the western part of the country. A total of 105 million carats were reported to exist in Australia as of 2010.
Latest posts by GEOVIA (see all)
- Join the GEOVIA User community - July 13, 2021
- GEMS Software Update - June 21, 2021
- Reducing Impacts on Water - May 25, 2021
