(gia.edu) - The average value of rough diamonds mined last year took a sharp drop according to the latest Kimberley Process (KP) data. The KP reports that world diamond production was 134 million carats, which was valued at $12.4 billion in 2016, or just under $92.50 per carat. That is in comparison to 127 million carats valued at $13.9 billion, at $109 per carat, in 2015. Examining the figures more closely, some of the biggest drops in value came from countries where diamond mining is in the hands of the major, sophisticated operations of De Beers, Rio Tinto and Alrosa, in South Africa, Canada and Russia, respectively. At the same time, diamond demand in major consumer markets, such as the U.S., China and Japan, has trended toward smaller stones and lower qualities. This isn’t exactly a coincidence.
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