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Report: Diamond Industry To Face Hurdles

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Lesotho Promise
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Lesotho Promise
A report authored by an investor communications company that specializes in the Zimbabwean economy states that although it was the case in 2010 and 2011, the diamond industry will not see outstanding sales growth in the coming year, Rough and Polished reports.
Equity Communications director and report editor Tinashe Takafuma says that diamond sales will decrease by about 5% to $72 billion in 2012, in large measure because of short-term economic uncertainty. Takafuma also states that the diamond supply pipeline is 'backed up' at present, as a result of the zeal of secondary market players who acquired unnecessary stock after the financial crisis hit.
The report notes that although the global production of diamonds dropped only 2.1% between 2010 and 2011 to 125.6 million carats, these figures are deceiving because the decrease in diamond production would have actually been far steeper if Zimbabwe's diamond output – which grew by 31.5% year-over-year in 2011 – were not taken into account.
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