Botswana’s mines minister, Bogolo Joy Kenewendo, said the country is witnessing a tentative recovery in diamond demand in markets like the US and China, aided partly by a global marketing push for natural stones. The recovery follows a prolonged downturn caused by economic uncertainty and growing competition from lab-grown diamonds. Despite improving conditions, Botswana plans to maintain strict supply management to help stabilize prices and support the broader market. The country relies heavily on diamonds, which typically generate about one-third of government revenue. Debswana, Botswana’s joint venture with De Beers, paused production at some mines last year amid the downturn. Separately, Anglo American’s planned sale of De Beers, driven by falling prices and synthetic competition, is reportedly in its “last stages,” with Botswana—which already owns a 15% stake—along with Angola and Namibia among interested parties.
CNBC Africa
