Australia Diamond production declines Modest 2.8%

Diamond production in Australia totaled 4.839 million carats in the first quarter of the fiscal year, according to preliminary data released by the Australian Bureau of Agricultural and Resource Economics (ABARE). This is a 2.83 percent year-over-year decline and a large 54.81 percent increase over the preceding quarter.

The majority of Australia’s diamond production takes place at Argyle, which is under expansion work.

All of this July-September production was exported. The value of exports stood at $72.28 million (A$110 million), a 30 percent decline compared to the preceding quarter and 40 percent compared to the year before, according to ABARE’s September quarter 2008 Australian mineral statistics.

The average exported value of the goods is $14.94 per carat.

The majority of price falls had occurred since mid-September, the recent collapse in commodity prices was not captured in the report, according to ABARE Executive Director Phillip Glyde.