Debswana, a diamond mining company jointly owned by De Beers and the Botswana government, experienced a significant decline in rough diamond sales in 2023. According to new figures released by the Bank of Botswana, sales dropped by 25.1% to $3.44 billion.
Despite this decrease, the company saw a 2% increase in production, reaching 24.7 million carats in 2023. However, in response to slower global demand, Debswana announced plans to reduce its output in 2024.
The company had achieved record sales of $4.59 billion in 2022 but has been impacted by the economic slowdown and the growing popularity of lab-grown diamonds.
Currently, three-quarters of Debswana’s production is sold by De Beers. However, following a new agreement in June 2023, the state-owned Okavango Diamond Company (ODC) will see its share increase from 25% to 50% over the next decade.
To further its mining operations, Debswana approved a $1 billion investment in January to enable underground mining at Jwaneng, its largest deposit, which currently represents about 40% of De Beers’ total production.
