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Debswana revenues reach P14bn in Q1

Rumbling on: Debswana’s mines have started the year at a brisk pace
Rumbling on: Debswana’s mines have started the year at a brisk pace

Debswana Diamond Company sold P14 billion worth of rough diamonds in the first three months of the year, up 10% from the corresponding period last year, as the strong performance of the country’s primary economic commodity continued from its highs last year.

The country’s main economic actor sold P56.6 billion in 2022, an all-time high and a boost for budget revenues which have suffered deficits that pre-date the pandemic.

Debswana sells 75% of its production through the De Beers’ ecosystem and the balance, 25%, is allocated for purchase by the Okavango Diamond Company, the state-owned diamond trader.

Editor's Comment
Micro-procurement maze demands urgent reform

Whilst celebrating milestones in inclusivity, with notably P5 billion awarded to vulnerable groups, the report sounds a 'siren' on a dangerous and growing trend: the ballooning use of micro-procurement. That this method, designed for small-scale, efficient purchases, now accounts for a staggering 25% (P8 billion) of total procurement value is not a sign of agility, but a 'red flag'. The PPRA’s warning is unequivocal and must be...

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