Diamonds: The crack in the economy

Friday, August 02, 2024 | 1040 Views |

Hands full: Finance Minister, Peggy Serame, has a tough task balancing the books this year
PIC: MORERI SEJAKGOMO

Diamonds, one of the hardest substances known to mankind, is proving to be not so tough. The stones continue to succumb to the pressure of fierce market conditions and for the economy, the cracks in the market are an abyss that threatens to spoil ambitious budgets and plans. Mmegi Staffer TIMOTHY LEWANIKA writes.

Diamond industry woes are the talk of the economy this year, for obvious reasons that need no mention in a diamond dependent country. The issue is the extent to which the pinch of the diamond woes will be felt by Botswana’s purse and the tough decisions that have to be made in the wake of these difficulties.

Economists at economic consultancy firm, Econsult, in their second quarter review have sounded more alarms for Botswana’s economy as diamond sales continue to plummet.

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