The mined diamond supply has seen a constant decline in the past decade driven by the fact that key diamond mines have passed their peak production levels, according to a new report. Moreover, the diamond mining process has become tougher as the mines age and new mines that are discovered often have shorter life spans and tougher mining conditions. This occurs in light of the rising demand from various markets such as the US, India and China which is likely to widen the demand and supply gap.
New analysis from global consulting firm, Frost & Sullivan, “Grown Diamonds – Unlocking Future of Diamond Industry by 2050” indicates how Grown Diamonds can represent a potential solution to the issue of global shortage of rough diamond supplies. The breakthrough in technology has made it possible to grow rare quality colorless IIa quality diamonds by creating diamond-growing conditions in semiconductor grade facilities, above the earth’s surface.
It says that even with all the technological advancement and developments in the field of exploration and mining, the future of rough diamond production from mines looks bleak. A decline in mined diamond production and diamond processing capacities also has a direct impact on the millions of people who are employed within these industry sectors.
The new report analyses the supply of diamonds from mined sources till 2050. Various mines across the globe and their lifetime production values were studied to estimate the supply of diamonds from mines. In comparison, the demand was also analyzed to understand the growth in demand till 2050 considering various factors such as growing jewelry sales and expected surge in demand from new regions.
Recent advancements in technology and years of dedicated research on diamond growing techniques have made it possible to grow high-quality diamonds. A significant achievement in grown diamond technology is the ability to grow colorless Type IIa diamonds which are the purest diamonds found below the earth and constitute only 2 percent of the total global mined diamond production.
According to the report, over the next 30 years, grown diamonds will become a dominant player in high technology applications and can prove to be a very significant diamond source for the luxury world.
Moreover, they also offer new high skilled opportunities for employment as these technology-driven innovation centers employ high-skilled engineers, graduates, researchers and scientists as their principal staff. This is apart from the ancillary industries such as manufacturing, instrumentation, semiconductors and so on.
Source : WAM News Agency for United Arab Emirates
