This DOG has a new bark.
Bouncing Back: India’s Diamond Exports Reach $1.1 Billion in November
Exports reached more than $1.1billion - a jump of 92% year-on-year
India Gems Diamonds
Credit: David Talukdar / shutterstock.com
Diamond exports from Surat, the world’s largest diamond cutting and polishing center, almost doubled in November, IDEX Online reports.
India wedding diamond ring
Credit: Sukpaiboonwat / shutterstock.com
In November 2019, India exported diamonds worth $620 million. In November 2020, exports reached more than $1.1 billion – a jump of 92% year-on-year, the Gem and Jewellery Export Promotion Council (GJEPC) reported.
Credit: Kalcutta / shutterstock.com
After suffering from lockdowns and reduced operational capacity for months due to the COVID-19 pandemic, Surat’s 7,000 manufacturing units took “only a five-day break for Diwali last month and buoyed by demands for Christmas and the Chinese New Year (February 2021)”. According to Dinesh Navadiya, regional GJEPC chairman, “after COVID-19 lockdown, the diamond industry is getting back on track from November first week”.
First diamond sale in 2021 achieves US$5.6m at US$1,198 per carat
Highest US$ per carat price ever achieved by Mothae at sale
Mothae to further benefit from margins earned on cutting & polishing
Lucapa Diamond Company Limited (ASX: LOM) (“Lucapa” or “the Company”) and its partner, the
Government of the Kingdom of Lesotho (“GoL”), are pleased to provide an update on the first sale of
diamonds in 2021 from the Mothae kimberlite mine (“Mothae”) in Lesotho.
The parcel of 4,676 carats of rough diamonds were sold for a total of US$5.6 million (A$7.2 million) or
US$1,198 per carat (A$1,537 per carat). This is the highest average US$ per carat price achieved by
Mothae on the sale of any run of mine production parcel.
The sale included a number of Specials (diamonds weighing >10.8 carats), including the 101 carat
D colour diamond recovered following re-opening of the mine in Q4 2020 (refer ASX announcement
10 December 2020), which is the most valuable diamond recovered to date at Mothae.
Select D colour Special diamonds – (from left) 14 carat, 19 carat, 101 carat and 28 carat diamonds
Lucapa Managing Director, Stephen Wetherall commented “Following a tough 2020, where both of
our mines were impacted by the pandemic, our valued teams have shown their resilience and
operations have bounced back strongly. The good recoveries at both mines and growing demand
leading to strengthening diamond prices has seen a strong start to 2021.”
“We look forward to Mothae receiving further value following implementation of the cutting &
polishing partnership and to completing the expansion at Mothae this quarter.”