RE:Debeers Anglo report Canadian Production in 2016 was almost all Victor. It would give you a nice average for Victor. We backed out all of Victor for 2017 and 1H 2108 from the Canadian total numbers, based on the average 2016 selling prices for Victor.
DeBeers Wordwide, as I pointed out to you already, if you look at the full year numbers for 2016 and 2017 Production and Sales are prettyclose for both years 2016 and 2017.
DeBeers 2017 Production 33.4M carats DeBeers 2017 sales 32.44M carats
DeBeers 2016 Production 27.33M DeBeers 2016 sales 29.95M carats.
Over a 2 year period production and sales smooth to within about 95% of each other.
Tells me that over 30M plus carats they are not inventorying a lot of stones from any production on a WW basis over the past 2 years. They are primarily a wholesaler of rough, ditto MPVD. Canada is not their highest value operation, either per carat, like Namibia, or for EBITDA like Botswana. The numbers show its like 1/3rd Botswana, 1/3rd Diamond Trading, and 1/3rd ROW (including Canada). How much import are they going to place on inventorying stones from Canada period to period?
Would they inventory some high valued stones from Canada, for cut and polish, or to hold, sure. But that would not be enough to effect the numbers over millions and millions of carats sold from GK mine per year.
It's a pretty simple statistical analysis IMO.