Diamond-producing countries on the African continent received about $8.1-billion in 2018, or 9.5% of the $85.9-billion worth of revenues generated from the sale of diamond jewellery, and some still may consider that an insufficient share, World Diamond Council (WDC) president Stephane Fischler told delegates attending the Russia-Africa Summit in Sochi, Russia, earlier this week.
He stressed that the economic potential of the diamond resource, whose value increased by about a factor of five as it travelled from the mine to the countertop of the retail jeweller, was indisputable.
“Diamond deposits hold the promise of a better future for all African producing countries, and more specifically for the communities living in the areas where they are located.
“To realise this promise, those mining the product need to receive fair value for their labour and capital investment, and an appropriate proportion of the revenues generated must be used to create sustainable economic and social opportunities at the grass-roots level,” Fischler said.
However, he added that, for the long-term developmental potential of the product to be realised, the diamond must continue to be an aspirational purchase for consumers.
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