Diamonds’ sweet spell from Russian sanctions could sour

Economic bedrock: Diamonds have powered the economy back from the COVID-19 slump PIC: MININGMX
Economic bedrock: Diamonds have powered the economy back from the COVID-19 slump PIC: MININGMX

Russia’s invasion of Ukraine and subsequent sanctions on diamonds from Moscow, helped local producers of the stones secure higher demand and prices this year. As the war drags on, several factors suggest the honeymoon may sour. Staff Writer, MBONGENI MGUNI writes

On Thursday, Statistics Botswana released second quarter Gross Domestic Product figures showing that the economy expanded by 5.6 percent over the period, helped by diamond trading activities, as global industry demand continued to warm up.

In fact, Bank of Botswana data also released on Thursday indicates that Debswana sold P41.4 billion worth of rough diamonds between January and August this year, eclipsing the P38.1 billion in sales over the whole of 2021.

Editor's Comment
CoA brings sanity to DIS/DCEC long-standing feud

This decision follows the raiding of the office of the former Director General of the DCEC, Tymon Katlholo early 2022 and his staff officer by the DIS operatives who reportedly took files that they had targeted.After all back and forth arguments, the CoA has set the record straight giving an invaluable lesson to the DIS that it was no super security organ and it does not have any powers to cogently supervise other security organs including the...

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