Diamond exports reach P46bn

The country’s diamond exports reached P46 billion in the first six months of the year, more than 20 higher than the corresponding period last year and reflecting the sector’s strong performance in the first half of 2022. Numbers released by Statistics Botswana this week, which cover rough and polished diamonds from all producers, indicate that exports reached P23.3 billion in the first quarter of the year and P22.7 billion in the second. The pace of exports this year supports figures provided by the Finance ministry indicating that the rebound in diamonds powered the budget to a P838 million surplus in the first quarter of the 2022–23 financial year. The rebound was helped by the reopening of activities in the industry from the pandemic restrictions, as well as the sanctions imposed on Russia in February due to its invasion of Ukraine. Russia is the world’s largest producer of diamonds by volume, ahead of De Beers which, with the government, owns Debswana.