Botswana’s June rough and polished diamond exports declined 47.7 percent to $352.6 million from $670.8 million realised a year ago.
Data released by the country’s central bank also showed that Botswana realised $1.88 billion from diamond exports between January and June this year as opposed to $2.64 billion registered during the same period in 2011.
Figures for the second quarter rough and polished diamond exports stood at $898.9 million, representing a marginal drop from the $985.7 million accrued during the first three months of the year.
The depressed second quarter figures were not surprising as the diamond market had been relatively weak due to the ongoing Euro-zone economic crisis, and declining demand in the East, particularly India.
This had resulted in increased stock levels of rough and polished diamonds in the manufacturing sector.
The harsh market conditions were set to continue this year, although there were still opportunities for growth, analysts said.
Meanwhile, all was not doom and gloom for Botswana as the country registered a marginal increase in diamond revenue in June when compared to the previous month’s $324 million.
Mathew Nyaungwa, Editor in Chief of the African Bureau, Rough&Polished
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