Debswana Rough Sales Down by 21%

By John Jeffay / November 06, 2023 / www.idexonline.com / Article Link

(IDEX Online) - Debswana's rough diamond sales fell by more than 21 per cent in the first nine months of this year, according to the Bank of Botswana.

Weak global demand saw revenue fall from $3.578bn for the same period in 2022 to $2.811bn.

Debswana, a joint venture between De Beers and the Botswana government, produced 24.1m carats last year and is the biggest contributor to the De Beers Group rough diamond production.

Output this year is on target to exceed that figure, despite lower sale.  Debswana's mines - Jwaneng, Orapa and Letlhakane  -  produced 18.5m carats in the first nine months of this, a marginal increase on the same period in 2022.

Three quarters of Debswana's production is currently sold by De Beers. But under a new deal agreed in June, the state-owned Okavango Diamond Company (ODC) will see its share increase over the next decade from 25 per cent to 50 per cent.

ODC has halted all rough sales as global demand remains at record low levels. It cancelled its November auction and may do likewise in December.

"For the first time, we have had to build up inventory as we do not want to just irresponsibly release goods into a market which is already oversupplied," said managing director Mmetla Masire.

Pic shows Orapa mine, courtesy Debswana. 

Recent News

Gold stocks gain even as metal price pulls back

April 29, 2024 / www.canadianminingreport.com

Copper price forecast swinging significantly on shifting outlook

April 29, 2024 / www.canadianminingreport.com

Upgrades continue for 2024 gold price target...

April 22, 2024 / www.canadianminingreport.com

Gold stocks edge up as weak equities offset metal rise

April 22, 2024 / www.canadianminingreport.com

Major investment banks make major gold price upgrades

April 15, 2024 / www.canadianminingreport.com
See all >
Share to Youtube Share to Facebook Facebook Share to Linkedin Share to Twitter Twitter Share to Tiktok