Yes. This is because Africa is the most diamond rich continent in the world, while their oil production isn’t even in the top 10 of the world. Exporting diamonds is more profiting for them than oil.
Actually Africa, as a continent, produces three times as much oil as Europe, and more than South America, and more than Asia/Oceania excluding the former Soviet Union. Africa’s 10.7 million barrels per day is nearly 13% of the planet’s production. The value of that at current prices of about $80/barrel would be $856 million every day. x 365 = $312 billion for a year.
Africa (Congo, Botswana, South Africa, and Angola) produced about 40 million carats of industrial diamond in 2009, worth about $12 per carat, or $480 million for the whole year. In addition a lot of gem diamonds were produced with widely varying values. The value of gem diamonds handled by DeBeers was about $6 billion per year; Africa accounted for about a third of world production, so say $2 billion for a year. That makes a total value for African diamonds of $2.480 billion for a year.
Africa’s oil is worth 125 times as much as Africa’s diamonds. Africa mines other materials, of course, but it is very unlikely that it would add up to the value reflected by oil production. For example, Gabon is the largest supplier of imported manganese to the US. But it is worth about $100,000,000 per year. Gabon’s oil exported to the US is worth $2,200,000,000 per year.
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