If the diamond is eternal, its demand is far from stable. It has been facing a global fall since 2022. This prolonged crisis pushed Debswana to announce the suspension of production at some of its sites.
Botswana's main diamond company will reduce production by 15 million carats, a drop of 40% compared to 2023. The measure comes after its turnover fell by 50% in 2024.
The eternal stone has since fallen victim to competition from synthetic diamonds. The sector represents 80% of exports and at least 1/3 of Botswana's tax revenue. Faced with the new situation, Gaborone must revise its economic growth forecasts.
Already last year the country recorded a slowdown to 1% compared to 2.7% in 2023 according to the International Monetary Fund.
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