Diamond and gemstone mining tops the list of growth industries in Australia, with an impressive 24.0% rise anticipated for 2014, followed by superannuation funds, organic farming, online shopping and internet publishing and broadcasting.

Meanwhile, other industries are probably not as celebratory about the new year, with revenue from video and DVD hire, sugar cane growing, mineral exploration, newspaper publishing and horse and dog racing forecast to decline in 2014.

Diamond and gemstone mining

IBISWorld forecasts the diamond and gemstone mining industry will grow by 24.0% over 2014 to $821.9 million, identifying the industry as the top performer. Growth will be underpinned by output from the underground Argyle Diamond Mine in Western Australia, which was previously under development.

Australia’s diamond and gemstone production and exports are expected to increase significantly over the course of 2014.

This reflects fresh production capacity coming online and strong demand from South-East Asia due to rising median incomes.

High quality stones as a share of total output is expected to increase, which will have a positive impact on total industry revenue.

A continued weakening of the Australian dollar from record highs will also support revenue generated from US-denominated sales of diamonds.