New research published today has warned that the world’s diamond mines are rapidly depleting, sparking concerns that the industry is hurtling headfirst towards a major supply issue.
Within 25 years the majority of the 45 most notable diamond mines operating today will cease to exist, according to the Fancy Colour Research Foundation (FCRF), which released the report. The organisation predicts the last diamond will be uncovered within the next 60 years.
It anticipates rising diamond prices as supply wanes and predicts that fancy coloured diamonds, considered to be the rarest, will increase in value at the greatest pace.
The report notes that no new ‘mega-mines’ are expected to be found in the foreseeable future, compounding the lack of supply.
On the other hand, with the world’s wealthy population expected to continue growing at a rapid pace, demand for diamonds is only set to rise.
The FCRF believes the diamond industry is poised to change beyond recognition with manufacturing and related technology predicted to slowly disappear, leading the “second-hand” diamond market to flourish.
The report says it will be an “eye-opener” for diamond buyers and investors. It states: “There is no reason why diamond buyers or anyone with long-term vision can’t start realising an extra premium from this scarcity right now.”