Diamond production drops from 18.9 million carats in 2017 to 12.1 million carats in 2021 (report)

August 7, 2022August 7, 2022 arnbethnic

Diamond production in the Democratic Republic of Congo (DRC) has experienced a real decline over the period from 2017 to 2021, informs a report from the Ministry of Mines.

According to data presented by the Ministry of Mines, diamond production in the DRC has fallen over the past 5 years from 18.9 million carats produced in 2017 to a volume of 12.9 million carats in 2021. , according to statistics from the Ministry of Mines.

In this report, the Congolese Ministry of Mines also points out that most of the diamond production in the Democratic Republic of Congo is artisanal with more than 10 million carats produced in 2021 against only 2.1 million carats produced by the industrial sector.

With only 2.1 million carats exported in the year 2021, or more than 28% of the total export volume recorded throughout last year, industrial diamond production in the Democratic Republic of Congo (DRC) is even less imposing.

These exports were driven by the artisanal sector with a volume of more than 10 million carats during this period, representing more than 71% of the total volume of diamond exports recorded by the Democratic Republic of Congo.

The Bakwanga Mining Company shut down

Formerly the flagship of the economy of the Democratic Republic of Congo (DRC), Minière de Bakwanga (MIBA) fell into a black hole several years ago.

Despite a few million US dollars from the Congolese government injected into this portfolio company, the resumption of activities is lagging at MIBA.

According to the experts of the Steering Committee and Reform of Public Enterprises, an investment of nearly 150 million US dollars is necessary to allow this Congolese company to play its role again.

To date, MIBA has a social debt estimated at between 250 and 260 million US dollars. That of suppliers is in the same proportions.

Industry experts estimate that MIBA’s actual debt is valued at between US$450 million and US$500 million.

MIBA was ruined mainly because of the embezzlement and looting that preceded the wars of 1997 and 2003. Thus, the Congolese government should consider necessary measures to revive this company which had supported, in large part, the economy of the Democratic Republic of Congo under the Zaire era.