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The future of Australian mining minerals: diamonds

The future of Australian mining minerals: diamonds

If diamonds are a girl’s best friend, then ladies across the world will be celebrating the news that the industry in Australia is forecast to become one of the fastest growing in the country. According to a 2014 report from IBISWorld, diamond mining is predicted to enjoy growth of almost 25% in revenue on an annual basis, rising from AU$663 million in 2013 to AU$821 million last year alone.

In this part of our "Future Of Australian Mining Minerals" blog series, we look at what’s underpinning the spectacular growth of the diamond industry, and what can be predicted for the future. You can find the full series via our website, to keep abreast of the latest trends in mining metals in Australia.

Where is the demand coming from?

As middle-classes around the world continue to grow, so too does demand for diamond and gemstone products. In particular, increasing interest in the product from Southeast Asian countries sees the future of the industry experiencing a significant and steady boost. While obvious demand is underpinned by the traditional adornment of engagement rings, Rio Tinto is also working with trade and retail partners to diversify the product. Expect to see more and more diamond and gemstones products entering the market in future years, keeping a steady worldwide demand for the material.

Why Australia looks set to lead the trend of diamond and gemstone mining

Across the world, mining exploration is in decline, as established mining corporations continue to focus their efforts on the production, rather than the discovery, of materials. For countries like Australia that have a significant amount of diamonds and gemstones to be mined, this comes as good news to the flagging industry, which has experienced a widespread decline in revenue in recent years. Growth in Australia will be underpinned by Rio Tinto’s Argyle diamond mine, which will have a seriously positive impact on overall revenue for the national economy.

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For mining equipment hire, you can’t beat our extensive range of products and years of industry experience. You can also browse through our comprehensive and informative blog posts, which focus on keeping our clients up-to-date on the latest developments in the mining industry. Read the rest from the "Future Of Australian Mining Minerals" series via our National Plant & Equipment blog today.