De Beers group managed operations CEO Moses Madondo has said the supply of natural diamonds has peaked, with dwindling new discoveries on the horizon.
“We must recognise that we are already past the peak for diamond supply. Despite extensive exploration, only one commercial discovery – the Luele mine in Angola – has been made in the twenty-first century,” he said on the second day of the Joburg Indaba, in Johannesburg, on October 4.
Angola’s State-controlled diamond miner Catoca discovered the Luele diamond deposit in 2013, marking one of the largest diamond discoveries in more than 50 years. “The broader outlook indicates a decline in global diamond production. While this may create supply pressures, it offers price growth potential,” he said. He mentioned that the decline in production would occur in four phases.
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