Varvara Dmitrieva: The jewelry industry of Yakutia is distinguished by its creativity, unique cultural code and conservation of traditions

Varvara Dmitrieva, Associate Professor and Head of the Department of Precious Stones and Metals Processing Technologies of the North-Eastern Federal University, told Rough&Polished about the results of the Forum of jewelry Craftsmanship and the prospects...

Yesterday

Valery Budny: There is no strategy and legislation in Russia enabling the full cycle processing of precious raw materials within the country

Valery Budny, Head of the Jewelry Russia program and CEO of the JUNWEX media holding, told Rough&Polished about the results of the meeting and pressing issues in the precious metals and precious stones (PMPS) and the jewelry sectors.

11 april 2024

Paul Zimnisky: Natural diamonds face the risk of eroding their appeal if constantly discounted

New York-based independent diamond and jewellery analyst and consultant Paul Zimnisky told Rough & Polished’s Mathew Nyaungwa in an exclusive interview that the industry should do away with discounts. He said the industry should treat natural diamonds...

01 april 2024

Edahn Golan: Lab-grown diamond prices to continue declining

In an exclusive interview with Rough&Polished's Mathew Nyaungwa, Edahn Golan, proprietor of the eponymous Edahn Golan Diamond Research and Data, predicted that the prices of lab-grown diamonds would continue to decline, especially at the retail and...

25 march 2024

ADPA’s Ellah Muchemwa: G7 restrictions to bring extra costs from diamond mining to retail

The African Diamond Producers Association (ADPA), which has openly registered its disdain for the G7’s rough diamond trade restrictions, is of the opinion that the move will bring extra costs on all stages, from mining to retail. ADPA executive...

18 march 2024

Sluggish demand cuts Debswana's diamond sales by 25.1% in 2023

05 march 2024

Debswana Diamond Company, a joint venture between Botswana and Anglo American's De Beers, recorded a 25.1% decrease in sales of rough diamonds in 2023, according to data from Botswana's central bank.

The decline was due to an economic slowdown affecting the demand for luxury goods in the US and China, as well as heightened competition from lab-grown diamonds.

The central bank confirmed that Debswana's diamond sales decreased from $4.59 billion in 2022 to $3.44 billion in 2023, after achieving record sales in the previous year.

Debswana's production increased by 2% to 24.7 million carats in 2023, and the company has announced plans to reduce production this year in line with market conditions.

Debswana's senior corporate relations manager, Matshidiso Kamona told Reuters in January that the company planned to decrease production due to lower demand for rough diamonds in the global market, but did not disclose the production goal for 2024.

India, which processes 90% of the world's rough diamonds, put a stop to imports for two months in late 2023, while Okavango Diamond Company (ODC) called off its auctions scheduled for November and December.

Debswana sells 75% of its production to De Beers, while the remaining portion is purchased by the state-owned ODC.

However, Botswana and De Beers reached a new 10-year diamond sales agreement mid-last year.

This deal will increase ODC's share of Debswana output to 30%, with a gradual increase to 50% by the conclusion of the contract.

Mathew Nyaungwa, Editor in Chief of the African Bureau, Rough&Polished