All over the world, new advancements in diamond mining and discoveries of large deposits will drive the industry to new highs in 2012.
According to Mineweb, China has made its largest rough diamond discovery in 30 years, with a geological services firm conducting the work in the country’s Liaoning province.
The discovery was made in Wafangdian, and is believed to contain more than 100 million carats of diamonds, which the Liaoning Geology and Minerals Resources Exploration Bureau says are purer than the diamonds found in South Africa.
“Our exploration work is still on going and we plan to finish it within three years,” said Yang Zhanxing, deputy director of the bureau. “This area probably has more diamond deposits and the amount may increase in the future.”
The new deposit is touted to be the largest found inside China in 30 years. Yu Wenli, bureau director, said the 860-meter-deep deposit was discovered by geologists in 2011, and is thought to have formed about 400 million years ago inside thick Kimberley rock found in the region. Further analysis showed about every cubic meter of rock contained roughly 2.89 carats of diamonds, the media outlet stated.
The find follows a 2010 discovery of a 210,000-carat diamond deposit located only 50 kilometers from the recent exploration project, falling in line with geologists assessments that suggest most of the country’s diamonds are located in the provinces of Liaoning and Shandong.
“China actually has few diamond resources. The biggest diamond mine of the country is in the Wafangdian area and it is the only place where rocks can become jewels after processing,” said Zhang Hongtao, chief engineer from China’s Ministry of Land and Resources.
In Australia, analysts believe diamond mining will become one of the fastest growing industries in 2012, Australian Mining reports.
A recent report by market researcher IBISWorld stated that although Australia’s diamond mining sector had delivered five consecutive years of lower output, it is on the verge of bouncing back to have a strong year ahead.
IBISWorld general manager Karen Dobie stated the renewed growth would come on the heels of lower global prices, a rising Australian dollar and higher levels of production.
The industry is expected to bring in $599.9 million in the current year, marking a 36 percent increase from 2011’s final earnings.
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