The other headache facing diamonds

Grinding on: Debswana largely maintained its production levels last year despite the downturn. De Beers has been cutting its prices to better manage the amount of inventory it is holding. Output targets for this year are expected to be softer PIC: DEBSWANA
Grinding on: Debswana largely maintained its production levels last year despite the downturn. De Beers has been cutting its prices to better manage the amount of inventory it is holding. Output targets for this year are expected to be softer PIC: DEBSWANA

The face-off with the G7 over diamond trade is dominating headlines, but bubbling underneath that is the story of how the industry is still desperate for signs of recovery from the 2023 crash. While some see shimmers of hope, others see a mirage of despair. Staff Writer, MBONGENI MGUNI reports

The numbers from the horror year diamonds experienced in 2023 are coming in and as expected, they make for grim reading. De Beers, the diamond giant whose partnership with Botswana produces the world second highest diamonds by value each year, saw its sales drop by 38% last year.

Government, for whom diamonds make up the lion’s share of export earnings and about a third of the budget revenues, will publicise the impact on February 5 when the budget speech shares provisional figures and forecasts.

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Our queen: Bring home the crown

Well-wishers gathered at the Sir Seretse Khama International Airport to bid our queen farewell and wish her success as she joins other beauties from around the globe for the coveted crown. Competing in such events is nerve-wracking, and one needs to be fully prepared to stand a chance of making it as a finalist.It is not just about physical fitness; mental state matters too. Unfortunately, sometimes our queens end up facing such fierce...

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