Minerals off with a bang in 2010

Diamond exports for the first quarter of last year amounted to P1.5 billion while for January and February 2010 alone, the industry has already earned P3 billion. Analysts believe the higher figures for this year are more a reflection of higher diamond demand and prices, although Debswana cut back production in the first quarter of 2009 due to low gemstone prices.

According to estimates from Harry Winston - a diamond company with production and retail interests - after plummeting in September 2008, rough diamond prices have generally recovered to pre-recession levels.