Large diamond mining companies over the past few decades have in relentless pursuit in adoption methods that increase financial viability of diamond extraction. Dwindling reserves have nudged them to look at new reserves in major diamond-producing countries. They are harnessing cutting-edge extraction technologies to tap into some of biggest diamond mines, unlocking new prospects in the diamond mining market. In recent years, they have forked out large sums on diamond mining projects in unconventional locations. Mining companies are climbing on the bandwagon of extracting these gems hidden under the innermost recesses of oceans—paving way to the evolution of marine mining. A recent case in point is mining for diamonds in the Atlantic Ocean. Veritable decline in outputs of onshore reserves over the past few years has fuelled the trend.
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Major Diamond Mining Companies Focusing on Improving Long-Term Prospects; Offshore Mining Promising Revenue Stream
Countries whose economies hinge largely on diamond mining are leaning on improving the long-term prospects in diamond mining. Mining companies in several of such economies are looking for new revenue streams by focusing on offshore reserves. However, their activities have come under intense scanner among environmentalists. Advances in technology to extract underwater diamonds fuel the prospects in the diamond mining market. On the other hand, top players such as De Beers have been leveraging the synergies of partnerships with governments of nations whose economies rely majorly on diamond mining.
On the other hand, the use of pipe mining and alluvial mining is widespread. Growing number of specialized facilities where the rough diamond is converted into gem-quality categories and industrial-specific grades is boosting the market. The need for better technologies in pipe mining and alluvial mining in secondary mining deposits is expanding prospects of the diamond mining market. By the start of the next decade, commercial production from the open-pit will open a large window of opportunities for several diamond mining companies.
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Private Players Invest Sizably in Sustainability Projects
The reducing sustainability of diamond mining has also been challenged by the growing popularity of lab-engineered diamonds or synthetic diamonds in various parts of the world. Botswana, Russia, and Canada are some of the key three top mines. Diamond producing countries are focusing on adopting good governance aspect. Such initiatives have become significant step in addressing the many challenges plaguing diamond mining. Private companies have also invested sizably in sustainability projects, particularly those meant for small-scale mining sector. This has also attracted the interest of governments in major diamond producing companies.
Top players are putting their stakes in programs that will help restore the credibility of overall mining through the transparency factor. This has nudged governments to adopt sustainable and cost-effective ways for diamond mining. Such an approach has been valuable in addressing the sourcing concerns of the diamond mining industry, and hence attracting investments by stakeholders, including retailers and midstream businesses. Focus of all stakeholders to include transparency in the overall value chain is a key aspect of the landscape of the diamond mining market. Furthermore, advances being made by small-scale mining entitities will offer a significant impetus to the diamond mining market. The advent of novel technologies might impart a robust thrust to the realization of sustainability approaches. A case in point is the use of blockchain technology.
Some of the promising players in the diamond mining market are Lucara, Anglo American Plc, Petra Diamonds, Rockwell Diamonds, and Gem Diamonds.
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