Debswana unfazed as diamond market slumps

Rough Diamonds. PIC MORERI SEJAKGOMO
Rough Diamonds. PIC MORERI SEJAKGOMO

Debswana will 'keep to its production plans' this year, despite a global slowdown in the demand for rough diamonds that saw values at an auction held in Gaborone last month fall by 36%.

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.

Editor's Comment
Shame on BotswanaPost, like-minded employers

Just recently, the Manual Workers Union successfully interdicted BotswanaPost from implementing new terms and conditions of employment for its members without the union’s knowledge.The union then took the BotswanaPost to court seeking to stop the postal parastatal from implementing terms and conditions of the workers who fall under their membership without being involved on their behalf.In his ruling, Justice Isaac Bahuma of the Gaborone...

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