Debswana, the joint venture between De Beers and the Botswana government, has reported a dramatic 52% decline in diamond sales during the first three quarters of 2024. According to figures released by Botswana’s central bank just before the general election on October 30, sales dropped from $3.19 billion to $1.53 billion.
This significant decrease highlights the global downturn in diamond demand, which has hit Botswana hard. The country relies heavily on diamonds for its economy, with up to 80% of its export earnings coming from this industry.
In addition, De Beers announced a staggering 75% drop in revenue for the third quarter. The company’s revenue fell from $899 million in 2023 to only $213 million this year, largely due to the cancellation of two out of three planned sales events during the quarter.
Currently, Debswana distributes its diamond output with 75% allocated to De Beers and 25% to the state-owned Okavango Diamond Company. However, this distribution will gradually shift to a 50-50 split over the next decade, following an agreement reached last July.
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