The other headache facing diamonds

Friday, January 26, 2024 | 600 Views |

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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