Diamonds - A very rough trade

In 2012, total world diamond production of mined diamonds stood at some 128 million carats of diamonds at a value of US14.5 billion. But total imports of diamonds as recorded by all countries in the Kimberly Process, which exists to regulate 'conflict diamonds', was three times this figure at 393 million carats valued at some $50 billion. So without cutting a diamond, their value had risen from $98 to about $125/carat.

The first time a rough diamond crosses a border it is from the country of production in Africa, Canada or Russia to where it is aggregated, which was until very recently in London at De Beers office at Charterhouse. Under the 2011 marketing agreement between Botswana and  De Beers, aggregation of diamonds is now returning to its geological home in Africa, in other words, Botswana, so diamonds produced by De Beers in Canada, Namibia and South Africa will go to Botswana rather than to Charterhouse in London, the former capital of diamond aggregation.