ODC sales drop 60% as diamond downturn deepens
Friday, September 29, 2023 | 1340 Views |
The figures come as India – which cuts and polishes at least 80% of the world’s rough diamonds – announced on Wednesday that it is banning imports of the stones for two months in order to “better manage the balance between supply and demand”.
This week’s revelations add onto an increasingly bleak picture for rough diamonds this year, where sales, prices and revenues are sharply down, in certain cases by double-digit percentages. The crisis has largely been caused by high inventory levels of polished diamonds in the midstream, that section of the diamond pipeline occupied by cutters and polishers, who buy from mines and sell to jewellers.
The recent disclosure by the IEC that 2,513 registrations have been turned down due to various irregularities should prompt all Batswana to meticulously review the voters' rolls and address concerns about rejected registrations.The disparities flagged by the IEC are troubling and emphasise the significance of rigorous voter registration processes.Out of the rejected registrations, 29 individuals were disqualified due to non-existent Omang...