Report: Australia’s Spending on Diamond Exploration Low in 2021

A new report by S&P Global Market Intelligence, quoted by IDEX Online, shows that spending on diamond exploration in Australia has totaled just $1.5 million in 2021 – “almost the lowest level since 1997.”

 

Credit: Rio Tinto

 

In 1998, spending reached a peak of $43.1 million. Since then, spending has been on a decline, hitting a low of $1.3 million in 2017. Market Intelligence research analyst Paul Manalo commented: “We haven’t seen any reversal of trend in global diamonds exploration, just a continuation of the downward trend.” He added that spending on diamond exploration worldwide fell to $202 million in 2021 from a peak of $986 million in 2008.

 

Portal to the Argyle Diamonds Underground Mine. The underground mine will extend the life of the mine until at least 2020
Credit: Copyright © 2014 Rio Tinto

 

Since the closure of the iconic Argyle mine in 2020, Australia has no active diamond mines. However, later in 2022 the Ellendale mine, which closed in 2015, is due to resume operations. In 2025, the Merlin mine should follow suit.

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