Debswana unfazed as diamond market slumps
Friday, August 09, 2019
Debswana is the world’s largest producer of diamonds by value and a key economic entity, contributing about a fifth of the gross domestic product (GDP) and about two thirds of foreign currency revenues.
De Beers, which holds 50% equity in Debswana alongside government, has recently noted a slump in sales of rough diamonds due to high inventory levels in the market’s midstream, a segment that includes cutting and polishing firms as well as jewellery manufacturers.
While his leadership has brought about significant progress and development, it is imperative that he exercises greater caution in his choice of words, particularly when addressing sensitive matters.One of the primary concerns is the potential impact of his remarks on Botswana’s relationship with De Beers, the diamond mining giant that plays a crucial role in the nation’s economy.The partnership between Botswana and De Beers has been mutually...