Debswana posts 37.5% jump in nine-month diamond sales
Rough diamonds sales by Debswana Diamond Company jumped 37.5% in the first nine months of 2022, statistics released by the Bank of Botswana showed Tuesday, driven by steady demand for jewellery.
A joint venture between Anglo American unit De Beers and Botswana government, Debswana sells 75% of its output to De Beers with the balance taken up by state-owned Okavango Diamond Company.
Debswana's January-September sales rose to $3.578 billion from $2.602 billion a year earlier, data from the central bank showed.
In Botswana's pula currency, Debswana's rough diamond sales rose 52.5% to 43.237 billion pula reflecting a stronger dollar in the period.
In dollar and pula terms, the nine-month sales top the company's full-year results in 2021 when sales totalled $3.47-billion and 38.13-billion pula.
Debswana accounts for almost all diamonds produced in Botswana with Lucara's Karowe mine being the only other operating diamond mine in the country.
Botswana generates about 30% of its revenue and 70% of its foreign exchange earnings from diamonds.
However, De Beers sees the risk of the market slowing down in the coming months due to a deterioration in global economic conditions, reduced consumer spending and continued Chinese Covid19 lockdowns.
"In line with normal seasonal trends, we anticipate that sales in the final quarter of the year will be affected by the normal temporary closure of cutting and polishing factories for the religious holidays in India," parent firm Anglo American said last week.
Comments
Press Office
Announcements
What's On
Subscribe to improve your user experience...
Option 1 (equivalent of R125 a month):
Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format
Option 2 (equivalent of R375 a month):
All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors
including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.
Already a subscriber?
Forgotten your password?
Receive weekly copy of Creamer Media's Engineering News & Mining Weekly magazine (print copy for those in South Africa and e-magazine for those outside of South Africa)
➕
Recieve daily email newsletters
➕
Access to full search results
➕
Access archive of magazine back copies
➕
Access to Projects in Progress
➕
Access to ONE Research Report of your choice in PDF format
RESEARCH CHANNEL AFRICA
R4500 (equivalent of R375 a month)
SUBSCRIBEAll benefits from Option 1
➕
Access to Creamer Media's Research Channel Africa for ALL Research Reports on various industrial and mining sectors, in PDF format, including on:
Electricity
➕
Water
➕
Energy Transition
➕
Hydrogen
➕
Roads, Rail and Ports
➕
Coal
➕
Gold
➕
Platinum
➕
Battery Metals
➕
etc.
Receive all benefits from Option 1 or Option 2 delivered to numerous people at your company
➕
Multiple User names and Passwords for simultaneous log-ins
➕
Intranet integration access to all in your organisation