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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
The State apparatus must be sanitised

When the State cannot rely on its own machinery to pursue suspected wrongdoing, repairing that machinery must become a national priority.The establishment of a Special Investigations and Asset Recovery Task Force may help government respond to the immediate challenge. However, Botswana cannot afford to leave the Directorate on Corruption and Economic Crime (DCEC) and the Directorate of Public Prosecutions (DPP) struggling whilst building...

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