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Global Economic Impact on Diamond Industry

  • June 18, 2015

The global diamond industry employs some 10 million people directly and indirectly all over the world.

The vast majority of the world’s diamonds come from sources that use the revenues generated by diamonds to aid their national development. Given good governance and appropriate laws, diamonds are a vital source of revenue for building infrastructure and essential social services such as hospitals and schools

Diamond revenues can create sizeable benefits to the economy in countries where they are sourced. In these countries, diamonds have contributed to funding impressive economic growth and stability.

In the country of Namibia, diamonds represent approximately 10% of GDP, 40% of export revenue and 7% of the government’s annual revenue. Namdeb, a diamond company in Namibia, is the largest corporate social responsibility contributor to the socio-economic development of Namibia. In 2006, Namibia will produce approximately $700 million dollars of diamonds.

South Africa will produce more than $1.5 billion in diamonds in 2006. Corporate social development projects receive millions of dollars of investments by diamond mining companies in South Africa. The Namaqualand Diamond Fund Trust which invests in community development projects, empowerment and sustainability initiatives received approximately US $4.8 million between March 2005 and March 2006 from the Trans Hex Group, a diamond exploration and mining company. The Fund has received a total of US $37.8 million from the Trans Hex Group since it started operating in 1994.

Diamond dealers and manufacturers should take note. The composition of their inventories has already changed character. And while they gain confidence from what they expect to be a positive season — even predicting strong growth as many in the trade have. Most importantly, sentiment in the diamond industry throughout the year, as it did in the latter half of 2016. The new economic environment makes for interesting, times indeed.

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