Category: Diamonds

Moody’s cuts Botswana’s rating to Baa1, citing diamond market downturn and rising government debt Global credit ratings agency Moody’s Investors Service has downgraded Botswana’s sovereign credit rating from ‘A3’ to ‘Baa1’, citing mounting challenges as the government struggles to adjust to a structural decline in the diamond industry and a rising debt burden. “The economy remains heavily reliant on capital-intensive diamond mining; diversification efforts lag due to reform delays, while exposure to climate shocks persists,”

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Lab-grown diamond demand drops amid oversupply; consumers shift back to natural diamonds, says World Diamond Council president Lab-grown diamonds are rapidly losing their shine as oversupply floods the market and prices plummet, prompting consumers to rediscover the allure of natural stones, according to World Diamond Council President Feriel Zerouki. After reaching record highs in early 2022, natural diamond prices slumped in the second half of the year—largely due to the rising popularity of lab-grown gems,

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Debswana Announces Plans to Diversify Beyond Diamonds, Leveraging 55 Years of Mining Expertise Debswana, the mining powerhouse that has been the backbone of Botswana’s economy for over 55 years, is charting a new course beyond its traditional diamond business. Speaking at the African Mining Summit in Gaborone this morning, Bakani Motlhabani, Chief Technical Officer at Debswana Diamond Company, revealed that the firm is exploring diversification opportunities to sustain long-term growth as diamond resources decline. “We

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Johannes !Gawaxab Calls for Extended Royalty Relief for Namdeb as Global Diamond Prices Decline Namibia’s central bank governor, Johannes !Gawaxab, has called for an extension of the royalty discount granted to Namdeb to help the diamond miner navigate a prolonged global market downturn characterized by weak demand and a supply surplus. The diamond industry is facing mounting pressure from the growing popularity of lab-grown diamonds and a declining appetite for natural stones among younger consumers—factors

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Botswana Introduces Mandatory 24% Local Stake in New Mining Concessions to Boost Local Investment and Value Addition Botswana has implemented a new regulation requiring mining companies to allocate a 24% ownership stake in all new concessions to local investors if the government opts not to purchase the shares itself, the Ministry of Minerals and Energy announced on Friday. The rule, which officially came into effect on October 1, marks a significant shift in Botswana’s mining

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Botswana Closes in on Duty-Free Diamond Trade Agreement with U.S. Amid Tariff Pressures Botswana is close to securing an agreement with the United States that would allow its diamonds to be imported duty-free — a potential economic lifeline for the landlocked nation as it faces mounting pressure from U.S. tariffs that have strained its diamond-dependent economy. Speaking to the BBC about the ongoing trade discussions, President Duma Boko stated, “The negotiations are in an advanced

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