U.S recession fears weigh on diamond outlook

Uncertain fortunes: Diamond demand depends largely on the trajectory of the US economy PIC: MORERI SEJAKGOMO
Uncertain fortunes: Diamond demand depends largely on the trajectory of the US economy PIC: MORERI SEJAKGOMO

Renewed fears of a recession in the United States are clouding forecasts for diamond demand in the second half of the year, threatening to hamper budget revenues and growth.

Diamonds, the country’s principal economic commodity, raced to exports of P14 billion in the first three quarters of the year, up 10.1% over the same period last year, despite 2022 also representing a record high for the shiny stones.

Half-year production figures are due next month, but already the country’s major producers are expected to show both higher output and revenues, as demand for diamonds continues to firm.

Editor's Comment
Government’s efforts commendable!

Since the news broke, the government made sure to work hand in hand with the South African government to assist the families of the victims. The two countries came together to help the families identify the bodies of their loved ones through DNA testing. The government also announced that they would assist families with food for mourners before the funerals.Even though the deceased persons were mostly residents of Molepolole, the government...

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