Botswana's H1 Rough Sales Down by Half
August 06, 24
(IDEX Online) - Sales of Botswana's rough diamonds almost halved in the half of 2024, according to newly-released figures from the country's central bank.
Total revenue for Debswana - a 50-50 partnership with De Beers - during January to June was $1.287bn, a 49.2 per cent reduction on $2.535bn in the same period last year. Sales during the intervening period - July to December 2024 - were $902m.
The discovery of diamonds in Botswana in 1967 transformed the fortunes of a third world country and rough sales now represent three quarters of its foreign exchange earnings.
Botswana, which accounts for around two thirds all De Beers' total production, suffered 19 per cent cut in output during Q2 of this year, as global demand remains weak.
The total number of carats recovered during Q2 2024 was 6.4m, down from 7.6m year-on-year. Botswana, which accounts for around two thirds all De Beers' production, was worst hit, with output down 19 per cent.
Jwaneng (pictured), the biggest and richest mine in Botswana, and De Beers' biggest deposit, saw output drop 36 per cent during the quarter, from 2.5m carats to 1.9m.