The diamond mining industry has evolved and changed a lot over the past quarter of a century. The once unpredictable, complicated, and dangerous industry has become much more profitable and better regulated.
The working conditions have also improved thanks to the advancements in technology. Recent developments also paved the way for the discovery of new materials that help ensure the longevity of the industry; one excellent example is a reaming shell supplier that now produces more reliable and robust reaming shells to increase mining productivity.
If you want to learn more about how the diamond mining industry changed over the years, you’ve come to the right place.
The Working Climate
The last twenty-five years have witnessed a vast improvement in the working conditions of the diamond mining industry. The positive developments became possible thanks, in part, to the different agencies formed and existed throughout these years.
Take a look at some of them below.
1.Diamond Development Initiative (DDI)
The organization exists because of one primary purpose – help the diamond miners improve their lives. The Diamond Development Initiative helped ensure that there are standards in place when it comes to education, treatment, and working conditions of individuals who earn a living by digging for diamonds.
These standards cover many countries in the African continent where diamond mining is prevalent, including the Ivory Coast and Namibia.
2.Mine Safety And Health Administration (MSHA)
This agency functions by helping prevent injuries, the onset of disease, and death in miners due to a poor working environment.
The Mine Safety And Health Administration currently works on eradicating the black lung disease as part of its ‘Respirable Coal Dust Rule’ campaign. The campaign seeks to set a limitation to the miner’s exposure to the black lung disease-causing harmful dust.
The MSHA has worked with different diamond mining companies to tighten up the
standards already in place and prevent the increasing instances of black lung disease.
3.A New Consumer Demand Hit The Industry Both Positively And Negatively
The new consumer demand from India and China has increased the opportunities in the diamond mining industry, with companies deciding to double or triple their manufacturing rate to keep up with the demands. On a negative note, many companies have over-speculated on the new consumer demand, which resulted in financial consequences.
The consequences pressured the diamond industry to operate more transparently, shift in the cultural market and generational consumer, and try to use advancements in lab-diamond production technology to their advantage. All of these developments have made the diamond industry more challenging to predict and more appealing to observe.
Expect more structural changes to take place in the industry for the coming years as prompted by the opportunities popping up and the challenges faced. These changes will revolve around three primary forces, which include an entirely new operating discipline, a brand new technology, and more emphasis on the new generation of consumers. These three forces impact the whole of the diamond industry, from the miners to the retailers.
4.Advancements In Technology For Diamond Lab Production
While most people still don’t think that lab-created diamonds are a good idea, it’ll change the whole diamond mining landscape. Especially since there’s now a growing base of customers that will embrace the technology, the price of its products, and its environmentally-conscious nature.
Synthetic diamonds, or the lab-created ones, have been existing for over a half-century already. Still, it has only been recently when its production became economical for non-jewelry use. Today, over ninety-five percent of industrial diamonds for abrasive purposes are products of diamond lab production.
The industry experts predict this technology to continue to improve with more investments that several companies pour towards the aim of producing gem-quality lab-created diamonds. The only challenge for the synthetic diamond business idea is to come up with a technology that’s capable of producing genuinely gem-quality products and find the perfect way to offer these lab-created diamonds at a price significantly lower than that of the natural ones.
Nevertheless, diamond lab production will inevitably change the diamond mining industry forever, like how a nuclear deal changed the crude oil industry throughout the years.
Recent innovations, like diamond lab production technology, have impacted not only the diamond mining industry but the mining industry as a whole. These discovery and computation innovations can either catapult the industry forward or halt its progress in the long run.
The latest changes that the mining industry has seen also include geo-metallurgy or the process that takes place following the life of material from discovery, mining, to production. Another one is the MMI (Mobile Metal Ion Geochemistry), which enables miners to detect mine deposits beneath the Earth’s surface using a combination of chemical ligands, soil samples, and high-end equipment.
With the improvement of standards for diamond mine workers and the innovations in technology, one can expect the diamond mining industry to continue moving forward.
It’s also interesting to see how the industry will respond to the development of the diamond lab production technology in the years to come as the natural diamonds and the lab-produced ones will compete for the attention of the diamond buyers around the world.