Diamonds Will Soon Be History

Trends N Style

oi-Suparna Chakaraborthy

By Suparna Chakaraborthy

Tuesday, April 27, 2010, 17:13

Diamonds, the women's best friend seem to be fast depleting. World's biggest miners of gems, De Beers, report that the diamond supply in the world is coming to an end.

De Beers, reveal that the diamond mines are on the verge of extinction and soon will be history. To extend the life of the mines, the gem supplier has decided to reduce its production.

The depleting diamond mines will have a direct impact on the prices. Des Kilalea, a diamond analyst, said that owing to the moderated output, diamond prices could rise by at least 5 per cent a year for the next five years.

De Beers will had a record of producing 48m carats, will reduce their Diamond production to 40m in 2011. De Beers, accounts for 40 per cent of global diamond sale. But with the diamond mines at stake, this figure will also drop down.

In the last two decades the industry has found no new diamond deposit, neither to match the two biggest mines in Africa, owned by De Beers nor the best Russian mines of Alrosa, the other big diamond producer.

Diamond analysts say that due to less supply of Diamond, the market has been flourished with false and inferior quality of the gem.