Diamond sales from Debswana to Botswana jump 54% in the first half of 2022


Debswana, a joint venture between the Anglo American De Beers unit and the Botswana government, sells 75% of its De Beers production, with the balance taken up by the state-owned Okavango Diamond Company.

According to data released by the central bank, Debswana’s diamond sales rose to $2.622 billion in the six months to June, compared to $1.703 billion for the same period last year.

In local currency, sales of rough diamonds jumped 68.4% to P31 billion due to the appreciation of the dollar during the period. Central bank data shows that the pula has depreciated by around 5% against the US dollar in the six months to June 2022.

Debswana accounts for almost all of Botswana’s diamond exports, with Lucara Diamond Corp’s Karowe mine being the only other operating diamond mine in the country.

Botswana derives about 30% of its income and 70% of its foreign exchange earnings from diamonds.

The country’s finance minister, Peggy Serame, said on Wednesday that a P1.8 billion inflation relief package, to be introduced in August, will not widen the annual budget deficit due to additional revenue. from higher than expected diamond sales in the first half of the year.



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