Botswana diamonds losing their sparkle

GABORONE: The Botswana government says the value of rough diamonds supplied to local cutting and polishing firms dropped by nearly half in 2015 due to subdued local production and reduced demand in the global market. Minerals, Energy and Water Resources minister Kitso Mokaila said two out of 21 companies that were operating in Gaborone at the beginning of 2015 had closed shopdue to viability problems. He said despite the downturn in the markets, the diamond cutting and polishing industry would soon stabilise and return to profitability. All local cutting and polishing concerns have rough diamond supply contracts with De Beers.