Tel Aviv, Israel—De Beers, Alrosa, and Rio Tinto, the big three mining companies in the diamond sector, all saw their share of market decline in 2019. The mid-size miners—Petra, Dominion, and Gem Diamonds—also lost market share. In total, the six companies lost more than 19% of their market share of diamond production last year.
So who picked it up? Diamond industry analyst Edahn Golan says it’s a mix of artisanal diggers and very small mining companies with little name recognition. Image: Edahn Golan
It didn’t happen by chance, says Golan. Seeing that both diamond demand and prices were softening, the bigger companies—apart from Alrosa and Petra which kept production levels up—cut output accordingly. But independent diggers don’t do market analysis, says Golan. They dig and they sell what they find, but that means they also suffer from soft demand.
“Ideally, we would want all parts of the diamond industry to be able to adjust their activity according to consumer demand,” writes Golan.