Analysts warns of rough diamond price pressure

22-11-2016 14:55 PM

AOJ E-NEWS : New diamond mines may force rough prices down next year because of increased supply, according to Panmure Gordon.

Three mines in Canada will enter the rough market early next year: Firestone Diamonds’ Liqhobong mine, Stornoway Diamond Corporation’s Renard mine and the Gahcho Kue deposit, owned by De Beers and Mountain Province Diamonds. The projects are estimated to produce about 7.1 million carats per year combined.

Coupled with rough producers’ revised output plans across the industry and other mine expansions, global production in 2017 may jump 2.5 percent to 130 million carats, analyst Kieron Hodgson predicted.

“The risk for rough prices to be repriced lower because of the increasing supply is higher than at any time in the last 24 months, in the absence of a commensurate decline in supplies from existing producers,” Hodgson wrote in a research note.

Courtesy: Rapaport

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