Botswana’s Finance Ministry: Diamond Production to Remain Flat in 2023

A senior policy advisor in Botswana’s Finance Ministry has stated that his country expects its diamond production to remain flat in 2023 “due to a contraction in consumer spending and weaker demand for diamond jewelry,” Mining Weekly reports.

While overall mining output rose by 8.2% in 2022,  gains in copper and coal “will not offset the decline in diamonds” in 2023. This year, “Botswana expects diamond output to decline by 1%, while diamond trading growth is seen slowing to 7% from 41% last year,” according to the report.

“We see the diamond sector having a bit of a tough year due to an expected slowdown in consumer demand particularly in the USA, because of pressure on real income and consumption,” finance ministry senior policy adviser Keith Jefferis told Reuters.

In other Botswana-related news, Bruce Cleaver, outgoing CEO of De Beers, said during a visit to Namibia’s President Hage Geingob that De Beers’ joint ventures with the Botswana and Namibia government are “win-wins” for both countries, according to a report in iDEX Online.

In recent weeks, De Beers’ and Botswana’s long-standing deal has come under scrutiny “after its President Mokgweetsi Masisi threatened to walk away from the deal unless he got more of the revenue.”

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