Australian Diamond Production Up 9%

On Tuesday according to the Australian Bureau of statistics (ABARE) , Australias diamond production increased by 9% to 18.022 million carats during the current fiscal year which ends on June 30th 2009.However ABARE noted that it expects the diamond production to drop by 30% to 12.6 million carats in the next fiscal year.

92% of Australia’s diamond production was exported, however the value of the exported diamonds dropped by 24% to US$399 million due to a fall in the average diamond prices.The average per carat price fell 24% to US$24.

Roi Tinto’s Argyle Mine’s produces the bulk of the Australian diamonds. Argyle Mines produced 15.076 carats million carats during the cal lender year 2008.

ABARE also estimates that the value of exports will decrease by 25% to US$298 million in the fiscal year 2009/2010 as a result of the expected fall in production. However ABARE expects that the prices will remain around $24 per carat.

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