Global diamond output by value expected to shrink 10%

Despite efforts by diamond majors De Beers and Rio Tinto to curb global diamond supplies, lower output is forecast to be offset by stable Russian production, new mines, and production increases by Dominion Diamond Corp and Petra Diamonds, according to independent industry analyst and consultant Paul Zimnisky. In a report published on Monday, Zimnisky stated that he expected 2016 global diamond production-by-volume to grow by 1.3% year-on-year to 137-million carats, despite De Beers and Rio's efforts.