Sapphire Mining Market: Overview
Sapphire is
an aluminum oxide that falls under the corundum metal category. Under
general use, sapphires qualify as a jewelry item. Certain sediments or
rock formations are the major natural sources for sapphires. Artificial or
synthetic sapphires are also manufactured for industrial purposes of
the remarkable hardness of sapphires and of aluminum oxide in
general. These sapphires are used in some non-ornamental applications,
including infrared optical components, such as in scientific instruments,
wristwatch crystals, movement bearings, and very thin electronic wafers, which
are used as the insulating substrates of very special purpose solid state
electronics, especially integrated circuits and LEDs.
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Most
sapphires come from countries with strict guidelines on how mining may proceed.
In Sri Lanka, mining is regulated so the land is protected from over-use.
Here, sapphire mining is restricted to small-scale operations where heavy
machinery is forbidden. Natural untreated sapphires are rare and are mined
in a manner that ensures a stable market and secures the deposits for future
generations. Strip mining such as in some emerald mining operations creates
tremendous environmental damage and only benefits a few large companies that
have the capital for a large-scale operation. This type of mining also results
in a market that will fluctuate heavily when new deposits are found, as the new
production will flood the market and prices will drop. Some sapphire producing
countries do not allow mining activities that damage the environment or create
unstable economic conditions. These responsible fair trade laws are regulated
well and have existed for years.
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Sapphire Mining Market: Drivers and
Restraints
The sapphire
mining market is affected by certain positive drivers, namely the
increasing demand of sapphire for the production of jewelry and LEDs. Secondly,
new deposits and mining sites have been recently discovered in parts of
Australia and South Africa that have attracted a lot of companies to start
exploration and mining of the gem.
Despite
the positive growth, the industry has been facing certain restrictions in terms
of extraction methods and the extent of extraction allowed. Government
regulations have been put into place over concerns of ecological imbalance and
environmental hazards that sapphire mining has caused over the years.
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Sapphire
mining has had a major impact on agricultural lands as well. Intensive capital
requirement and availability of expertise for operations are also some of the
factors that have hindered the progress of sapphire mining. Despite all the
limitations, new opportunities lie in store. With the advent of new
eco-friendly mining technologies, sapphire mining could see a spur of growth in
the near future.
Sapphire Mining Market: Segmentation
Most of
the world’s sapphire production and mining is carried out in Australia in the
Asia-Pacific region followed by Sri Lanka, Myanmar Thailand, Laos, Malawi and
Cambodia. The state of Montana in the U.S. leads the market in the North
American region. No significant deposits have been discovered in Europe; hence
sapphire mining there is limited. The African region also boasts a significant
sapphire production dominated by Tanzania, Kenya, Nigeria, Madagascar and South
Africa.
The sapphire mining market can be classified by the mode of mining undertaken for extraction i.e. from alluvial deposits or from primary underground workings. Mining depends on the content of the surrounding materials and the depth of the mine. Among these the shallow reserves can be penetrated by simple hand mining methods. Deeper ground is mined by digging shafts, while some fields consist of large-scale open-cut mining lease operations involving the use of heavy earthmoving equipment.
Sapphire Mining Market: Companies
Mentioned in the Report
A few
companies that are involved in sapphire mining are Sino Resources Mining Corp
Ltd., Coolamon Mining Pty. Ltd., Herbert Drilling Coy., The Natural Sapphire
Company and Lapigems Gem Company
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