Debswana Diamond Sales Plunge by over 50%
October 31, 24
(IDEX Online) - Diamond sales by Debswana - the joint venture between De Beers and the Botswana government - fell by 52 per cent in the first three quarters of 2024.
The figures, which were released by Botswana's central bank on the eve of yesterday's general election (30 October) showed sales down from $3.19bn to $1.53bn.
The steep decline underscores the severity of the downturn globally, and for Botswana in particular, which has built its economy on diamonds and relies on them for up to 80 per cent of its export earnings.
De Beers reported a 75 per cent drop in revenue for Q3 after cancelling two of the three sights due to be held during the period, down from $899m in 2023 to just $213m.
At the moment, Debswana's output is split 75 per cent to De Beers, and 25 per cent to the state-owned Okavango Diamond Company.
That split will gradually change over the next decade to a 50-50 split, following an agreement thrashed out last July.
Pic courtesy De Beers show Orapa mine, Botswana.