mmegi

Debswana sales slow down

Rich ground: Jwaneng Mine is the world's richest diamond mine by value
Rich ground: Jwaneng Mine is the world's richest diamond mine by value

The value of diamonds sold by Debswana in the first nine months of the year slowed to P37.1 billion, from P43.2 billion over the same period last year, as lower demand and pricing in the global market hit the precious stones.

The nine month figures for this year are however still considerably higher than comparative figures before 2022, reflecting the generally stronger sales enjoyed by rough diamonds since last year.

However, on a quarterly basis, the third quarter sales of P8.4 billion are the lowest reported by Debswana in the third quarter since 2015, excluding the COVID-19 year of 2020.

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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