Diamonds 2016: A Year in Review (with a Quiz)
2016 marked an eventful year for the diamond industry. From the largest producers coordinating supply cuts and the manufacturers returning to profitability, to the second-largest gem-diamond ever recovered going to auction, to impressive advancements in the lab-grown industry, to the launch of the first generic diamond marketing campaign since 2008, to two new world-class mines going into production, to India's surprise demonetization.
Test your knowledge of diamond industry developments in 2016 with this 20 question quiz:
1. In what country was the world’s largest lab-created gem-quality blue diamond produced this year?
A. U.S.
B. China
C. Russia
2. What Canadian diamond mine was impacted by a processing plant fire in June that disrupted Q3 production?
A. Diavik
B. Ekati
C. Victor
3. What was the high bid for the 1,109 carat Lesedi La Rona rough diamond at Sotheby’s (NYSE: BID) June auction in London?
A. $53 million
B. $61 million
C. $75 million
4. What is the name of Quebec’s first diamond mine that commenced production in October?
A. Gahcho Kué
B. Renard
C. Snap Lake
5. Lukoil (RTS: LKOH) sold its 4.5 million carat/year Grib diamond mine to which company?
A. ALROSA
B. Otkritie
C. Rosneft
6. What was the Diamond Producers Association’s approximate initial annual budget to fund its “Real is a Diamond” marketing campaign?
A. $6M
B. $28M
C. $72M
7. In what month did Rio Tinto’s (LSE: RIO) CEO Jean-Sebastien Jacques indicate that diamonds are a priority area of growth for the company on Bloomberg TV?
A. February
B. September
C. December
8. What company postponed it’s December auction as a result of India’s cash shortage?
A. Gemfields
B. Gem Diamonds
C. Lucara
9. Why did Diamond Corp (LSE: DCP) have to halt production at its Lace mine in November?
A. Rain
B. Power shortage
C. Labor strike
10. How much was De Beers’ parent Anglo American’s (LSE: AAL) stock up in 2016 (through Dec 23rd)?
A. 12%
B. 113%
C. 305%
11. What denomination notes were removed from circulation in India in November?
A. ₹100 and ₹500
B. ₹500 and ₹1,000
C. ₹1,000 and ₹2,000
12. What U.S. retailer stopped carrying lab-grown diamonds this year after an unsuccessful initial trial?
A. Jared the Galleria of Jewelry
B. Helzberg Diamonds
C. Zales
13. In what city did ALROSA (RTS: ALRS) build a diamond trading center to target Asian customers?
A. Vladivostok
B. Krasnoyarsk
C. Novosibirsk
14. What world-class diamond development project did Rio Tinto walk away from in August?
A. Grasberg
B. Oyu Tolgoi
C. Bunder
15. In August, Tiffany & Co. (NYSE: TIF) said online revenue currently accounts for what percentage of the company’s sales?
A. <2%
B. 6%
C. 14%
16. Marange diamond production in 2016 should be closest to?
A. <2M carats
B. 6-8M carats
C. 10-12M carats
17. Chinese super-retailer Chow Tai Fook (HK: 1929) opened its first location in the U.S. in November by partnering with which U.S. department store?
A. Nordstrom
B. Macy’s
C. Neiman Marcus
18. In April, what country did ALROSA indicate has the most potential for new diamond discoveries?
A. Angola
B. Canada
C. Russia
19. In March Endiama, Angola’s state-run diamond miner, said that it’s Luachi project could host approximately how many carats?
A. 125 million
B. 200 million
C. 350 million
20. De Beers 2016 sales volume (in dollars) increased by how much compared to 2015?
A. 28%
B. 36%
C. 61%
Here are the answers.
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Disclosure: At the time of writing Paul Zimnisky held a long covered-call position in Dominion Diamond Corp.