World May Run Out of Diamonds as De Beers Seeks New Deposits © AP Photo/ Vincent Yu

10:49 24.10.2015(updated 11:16 24.10.2015) Get short URL

http://sputniknews.com/business/20151024/1029041927/botswana-diamond-deposit-search.html

De Beers, one of the world’s top sellers of diamonds, appears to be running out of the precious stones, as indicated by reduced production; at the same time, prices are falling.

London-based De Beers is looking for a new diamond deposit in Botswana’s Kalahari Desert as its supplies become exhausted, the Wall Street Journal reported on Friday.

Analysts from McKinsey & Co., a top multinational consulting firm, project that diamond production will reduce after 2017 unless new discoveries are made, according to the newspaper. The precious stones are among Africa’s most valuable commodities; they are even harvested in war zones, where ‘blood diamonds’ have been used to fund conflicts. However, demand for the gemstones has fallen in recent years.

“If you look on a long-term basis, the deposits are not being found. The rock that hosts diamonds is very rare,” mining analyst Phil Swinfen told WSJ.

At the same time, diamond prices are falling a a result of decreased demand. Diamond prices fell six to eight percent in the first half of 2015, even though De Beers’ production fell 27 percent over the past year and De Beers’ sales in the third quarter fell 59 percent compared to 2014.

As a result, De Beers’ diamond production has fallen, although its competitor, Russia’s Alrosa says that it has enough reserves to continue production for another 17 years.

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theunhivedmind

October 24, 2015 at 11:36 am

Please don’t listen to New Venice and its De Beers fork who love to create false scarcity in order to bump up prices. The world is awash with diamonds they’re literally all over the place in some regions but De Beers always makes out these things are rare in order to create an artificially raised price. Now we also have diamonique available so there’s even less of a need to buy diamonds. Real diamonds can also be made out of human hair etc. Now if you think we’re running out of diamonds then go and speak to the Russians who have the Popigai Astroblem diamonds. There’s a good 1994 documentary on the scams of the Oppenheimer family and its diamond trade called ‘The Diamond Empire: Oppenheimer family’s cartel, Artificial scarcity.’ Ask yourself if diamonds were so scarce then why’s De Beers selling diamond mines?

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