How did the diamond boom of the 1980s affect the diamond industry?

It all began with the Diamond Jubilee in 1980, when then prime minister Paul Keating was given the opportunity to celebrate the nation’s independence.

A year later, the government introduced legislation to increase the gold standard, which would make gold mining less profitable for the country.

By 1984, there was a glut of diamonds, and the world price of gold dropped to a record low.

The boom was over.

In the 1990s, diamond production was at its lowest level since the 1920s.

“The government is trying to get the economy to be as self-sufficient as possible and there is a real worry that mining may not be a sustainable industry,” Mr Keating said in the interview with the ABC.

Diamond producers have made huge investments in new equipment, machinery and infrastructure to try to turn things around.

But it is the economic downturn that has been particularly devastating for the industry, with the downturn in gold prices having made mining less viable for many diamond miners.

Mr Keating says that has impacted on diamond producers’ ability to pay their employees, who have lost their jobs, as well as their income from the mining industry.

Many have been struggling to find work, he said.

He said the Government’s decision to cut subsidies to the diamond and mining industries has been devastating for diamond producers.

“We are trying to see if we can make some adjustments to the support package and make sure that the industry can survive,” he said, adding that he has spoken to government officials about making the changes to compensate for the losses.

However, the Government has been slow to respond.

There are currently eight diamond producers that are not working.

And while Mr Keats government is committed to increasing the supply of diamonds to the mining sector, Mr O’Brien says that is only one part of the problem.

More than half of all Australian diamond miners are employed by companies that have not been granted the minimum support package, he says.

Some of these companies are already making huge profits from their mining operations.

But Mr O ‘Brien is calling on the Government to provide greater support to diamond producers so that the sector can survive.

Follow the ABC’s lead: What you need to know about the diamond mining industry


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