Diamonds to sparkle, cars to accelerate, IBISWorld predicts

AUSTRALIA’S diamond mining and car building industries will grow strongly in 2012 while steelmaking will suffer, new analysis shows.

Diamond and gemstone mining will increase revenue by 37 per cent to $600 million in 2012, industry research firm IBISWorld said in a statement detailing industries that will “fly” and those that will “fail”.

IBISWorld general manager (Australia) Karen Dobie said the rebound in the export-oriented diamond and gemstone mining industry would come after five years of decline driven by low production, poor prices and a high Australian dollar.

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