mmegi

Diamond mining, revenues enter tricky period

Uncertain times: Jwaneng and other diamond mines could be forced to pare back production this year in line with weaker demand PIC: MORERI SEJAKGOMO
Uncertain times: Jwaneng and other diamond mines could be forced to pare back production this year in line with weaker demand PIC: MORERI SEJAKGOMO

The country’s principal economic activity, diamond mining, enters a tricky period in the second half of the year, with fiscal authorities upgrading their risk assessments and De Beers unsure of the outlook due to pressures on demand for the gems.

The major factors facing the industry in the second half of the year are high inventory levels of polished diamonds in the midstream, which affects demand for rough diamonds, as well as ongoing global economic uncertainties, particularly in major markets such as the United States.

The US Federal Reserve raised interest rates to a 22-year high last week, further pressuring consumers in a market that accounts for about 54% of the diamond jewellery market.


Editor's Comment
Justice delayed is trust denied

Batswana who marched peacefully for 'Justice for Tshepi' demanded answers. They have now received a detailed account of police investigation and a promise that the file is with the Directorate of Public Prosecutions (DPP). The real test is whether the state now keeps its word without further prodding. In his address, the minister asked the nation to trust the process. He spoke of rigour, not neglect, and pointed to 10 months of...

Have a Story? Send Us a tip
arrow up