Diamond slump: Budget likely to fall into deficit

Friday, August 14, 2015

The prevailing weakness in the diamond market could potentially drag the 2015-2016 fiscal budget into a deficit.

Sluggish sentiment in the market has seen both De Beers and the Okavango Diamond Company (ODC) sales falling by over 20 percent in the first half of the year.

Backed by projections of a 10 percent growth in minerals revenues to P19 billion, Finance minister Kenneth Matambo in February, announced forecasts of a P1.23 billion 2015-2016-budget surplus.

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