Debswana's sales of rough diamonds decreased by 17% during the first half of this year due to persistently weak demand.
Data released by the Bank of Botswana show that Debswana, the 50/50 joint venture between De Beers and the Botswana government sold 12.7 million carats for about $2.2 billion, down from $2.6 billion during the same period, a year earlier.
Debswana’s first-half output rose 9% to 12,7 million carats, compared to 11,7 million carats in 2022.
De Beers does not provide a breakdown of revenue generated from its operations in Botswana, Canada, Namibia, and South Africa.
However, Botswana’s central bank data allows the industry to gain insight into the group’s sales as Debswana produces the bulk of its diamonds.
De Beers’ first-half consolidated average realised price decreased by 23% to $163 per carat from the previous year’s $213 per carat, primarily due to selling a larger proportion of lower-value rough diamonds, as sightholders took a more cautious approach to planning their 2023 allocation schedule due to the uncertain macro-economic outlook.
Mathew Nyaungwa, Editor in Chief of the African Bureau, Rough&Polished
