Botswana’s Debswana diamond sales jump 54% in first half of 20221 min read
Product sales of tough diamonds by Debswana Diamond Enterprise jumped 54% in the very first six months of 2022, Bank of Botswana data showed on Friday, pushed by powerful jewelry desire in the key US industry as perfectly limited worldwide rough diamond provide.
Debswana, a joint undertaking among Anglo American device De Beers and Botswana’s authorities sells 75% of its output to De Beers, with the harmony taken up by the state-owned Okavango Diamond Corporation.
According to data posted by the central bank, product sales of diamonds from Debswana stood at $2.622 billion in the 6 months to June compared to $1.703 billion in the exact period final yr.
In area currency terms, rough revenue jumped 68.4% to 31 billion pula due to a stronger dollar in the period. Central lender info shows the pula has depreciated by close to 5% in opposition to the U.S. dollar in the 6 months to June 2022.
Debswana accounts for practically all Botswana’s diamond exports, with Lucara Diamond Corp’s Karowe mine getting the only other running diamond mine in the place.
Botswana receives about 30% of its revenue and 70% of its international trade earnings from diamonds.
The country’s finance minister Peggy Serame stated on Wednesday that a 1.8-billion-pula inflation-aid deal, which will be launched in August, will not widen the once-a-year budget deficit because of to the additional profits from the much better than anticipated diamond product sales in the to start with 50 percent of the year.