Australia is one of the best diamond producing nations worldwide vis-? -vis the true number of diamonds created. It serves as a major contributor to the diamond industry. The year 1982 marks the beginning of Western Australia’s activity in the diamond market. Why is Australia such an interesting addition to this diamond community is the fact that it had been the very first western, democratic nation to input into diamond production. The authorities in Australia isn’t involved in the diamond mining process, nor does it own the diamond mines themselves. Consequently, it doesn’t stand to gain anything from supervising the marketing aspect either. For that reason, the diamond business in Australia doesn’t abandon many openings for dishonest practices or political participation on behalf of the government.

The Argyle mine is now Australia’s largest diamond mine, producing the following:

Twenty seven percent ? Colorless diamonds along with different shades of yellow
Under one percent ? different shades of pink to red diamonds

In the calendar year 2005, these mines created almost 33 M carats worth of diamonds.

An open mining project in the Argyle mine which was originally to be completed by 2008 has been transformed into an underground diamond mining job in an effort to maximize the diamond mine’s lifespan by approximately a decade. In about 8 decades nearly 20 M carats are expected to be produced by the Argyle diamond mine each year. Additionally, another project known as Phase Two is also in the works for the purpose of extending the diamond mine’s productivity to the year 2024. The investment in these subterranean mines entails a substantial expense of 910 M USD. Nonetheless, if such projects had not been undertaken, then the Argyle diamond mine would be anticipated to arrive at its final output in only two decades. About 14 decades ago, the mine began to advertise its diamonds independently.

The 2nd largest diamond producing mine in Australia is the Ellendale mine. From the diamond mine’s starts in the year 2002, a company called Kimberley has created and vended nearly 397,000 carats of diamonds worth roughly 70 M USD. If forecasts prove to be accurate, the Ellendale diamond mine will have created approximately 122 M USD annually till it’s going to be completely exhausted in the year 2014.

The 3rd most productive diamond mine in Australia, the Merlin mine, that opened towards the end of 1998, has not had much stable ownership, but it’s held by North Australian Diamonds. It is difficult to assess the exact amount of diamonds to be generated in the Merlin diamond mine since it’s quite unpredictable.

Though vast amounts of diamonds have been mined and produced in Australia, it is normal for them to be exported instead of stored within the Australian continent. In terms of Australian rough diamonds, they’re often not up to global standards. This is the reason that although Australia is the most rewarding country for rough diamonds, it’s still at the lower half of the top ten as it comes to sector value.

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