De Beers’ sales reach P6.7bn

Shining bright: De Beers sales ticked up at its last auction held in Gaborone. The diamond giant is engaged in talks with the Government of Botswana for a new sales agreement and renewal of its mining licences. Botswana producers two-thirds of De Beers' annual rough diamond output
Shining bright: De Beers sales ticked up at its last auction held in Gaborone. The diamond giant is engaged in talks with the Government of Botswana for a new sales agreement and renewal of its mining licences. Botswana producers two-thirds of De Beers' annual rough diamond output

De Beers recently sold an estimated $495 million (P6.7bn) of rough diamonds in its second auction of the year, a nine percent increase on the first auction held in January.

The performance for the second auction of the year is however 24% lower than the values sold at the corresponding auction last year, a trend that largely reflects stronger than average pricing and demand last year. New CEO, Al Cook said demand continued steadily for rough diamonds in line with the group’s expectations for sales as the year progresses.

He added that De Beers was aware that sightholders, the exclusive list of buyers contracted for De Beers’ auctions, planned more of their purchases for later in 2023, given the economic uncertainty when they were taking their planning decisions at the end of 2022.

Editor's Comment
CoA brings sanity to DIS/DCEC long-standing feud

This decision follows the raiding of the office of the former Director General of the DCEC, Tymon Katlholo early 2022 and his staff officer by the DIS operatives who reportedly took files that they had targeted.After all back and forth arguments, the CoA has set the record straight giving an invaluable lesson to the DIS that it was no super security organ and it does not have any powers to cogently supervise other security organs including the...

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