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Botswana's Debswana diamond sales fall over 50% in first nine months of 2024

Sales of rough diamonds at the Debswana Diamond Company fell about 52% in the very first nine months of 2024, information launched by Botswana's central bank on Tuesday showed, as the downturn in the worldwide diamond market continued.

Debswana, similarly owned by Botswana and Anglo American Plc's. De Beers, offers 75% of its output to De Beers, with the. balance taken up by the state-owned Okavango Diamond Company. ( ODC).

In 2015, Botswana and De Beers consented to a brand-new 10-year. diamond sales contract, where ODC will get 30% of. Debswana's produce and this will be scaled up to 50% by the end. of the new agreement.

In the first three quarters of the year approximately September,. Debswana had actually offered diamonds worth $1.53 billion compared to $3.19. billion in the very same period in 2015, the Bank of Botswana stated. on Tuesday.

In regional currency terms, sales were down 50.3% to 20.9. billion pula, which equates to about $1.55 billion based on. present currency exchange rate.

Botswana gets 30% -40% of its profits, 75% of its foreign. exchange revenues, and a third of its national output from. diamonds. It is the world's leading manufacturer of the gem by value.

The southern African nation will hold a general election on. Wednesday, with the poor performance of the economy-largely due. to the slump in the international diamond market-and high levels of. unemployment amongst the issues in focus.

Our diamonds have not been selling given that April, so yes, our. profits are down however the economic fundamentals still remain. undamaged, President Mokgweetsi Masisi, who is seeking a 2nd. term, said at a presidential argument last week.

(source: Reuters)