Third quarter diamond exports lose pace

Released yesterday, the BoB data indicates that diamond exports were healthy in the first two months of the third quarter, averaging P3.6 billion in July and August.

However, at P1.2 billion, exports for September weighed the third quarter figures down, contrasting sharply with record high month-on-month diamond sales since January. The lower third quarter figures were not entirely unexpected. Prior to the release of BoB data, several diamond industry players, including the Diamond Trading Company Botswana (DTCB), had predicted that the gallop in diamond prices seen since the New Year would slow down on supply/demand dynamics in the market.